French oil major TotalEnergies signed an agreement to sell its 50% stake in Total PARCO Pakistan Limited (TPPL) to Gunvor Group, the company announced on Tuesday.
The company said that the transaction reflects the selective strategy of TotalEnergies in marketing and services focused on core geographies with growth and transitioning opportunities.
TPPL is a 50/50 joint venture between TotalEnergies Marketing and Services and Pak-Arab Refinery Limited (PARCO) in Pakistan with a retail network of more than 800 service stations, fuel logistics, and lubricants activities.
The new entity will continue its retail business under the existing 'Total Parco' brand, and its lubricants business under the 'Total' brand for five years in Pakistan, continuing to serve its customers.
The acquisition remains subject to authorization by the relevant authorities and related agreements.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr