Total to sell 50pc stake in Parco to Gunvor Group

KARACHI: TotalEnergies has signed an agreement to sell its 50 per cent stake in Total Parco Pakistan Limited (TPPL) to Gunvor Group, a leading global commodities trading company.

The transaction reflects the “selective strategy” of TotalEnergies in marketing and services “focused on core geographies with growth and transitioning opportunities”, a statement of the company said on Tuesday.

TPPL is a 50/50 joint venture between Total Energies Marketing and Services and Pak-Arab Refinery Limited (PARCO) in Pakistan with a retail network of more than 800 service stations, fuel logistics, and lubricant activities.

TPPL’s storage infrastructure consist of 10 depots located in key locations: two each in Keamari and Machike and one each in Shikarpur, Daulatpur, Mehmood Kot, Sahiwal, Rawalpindi, and Taru Jabba, with a total storage capacity of 56,199MT for gasoline, 47,238MT of diesel, 5,544MT of excellium and 1,243 MT of SKO.

“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,” read the statement, adding that the acquisition remains subject to authorization by the relevant authorities and related agreements.TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity