Total PARCO Pakistan Ltd. is a joint venture between TotalEnergies Marketing and Services and Pak-Arab Refinery Ltd. (Source: Shutterstock)
TotalEnergies is selling its 50% stake in Total PARCO Pakistan Ltd. (TPPL) to commodities trading company Gunvor Group.
TPPL is a joint venture between TotalEnergies Marketing and Services and Pak-Arab Refinery Ltd. Following TotalEnergies’ exit, the new entity will continue its retail business under the “Total Parco” brand and its lubricants business under the “Total” brand for five years in Pakistan.
The move comes as TotalEnergies focuses on core geographies that present growth and transition opportunities, the company said in an Aug. 6 press release.
The deal remains subject to authorization by relevant authorities.
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