CCP approves Gunvor Group’s 50pc acquisition of Total Parco

KARACHI: The Competition Commission of Pakistan (CCP) has granted approval for the acquisition of a 50 per cent shareholding in Total Parco Pakistan Limited (TPPL) by Aquashore SA, a subsidiary of Switzerland-based Gunvor Group.

The approval, confirmed in a statement on Monday, marks a significant development in the country’s energy sector, particularly within the petroleum and lubricants industries. Under the terms of the sale and purchase agreement (SPA), Aquashore SA will acquire the shares currently held by TotalEnergies Marketing Services.

This deal is the latest in a series of notable transactions in Pakistan’s petroleum industry, underscoring growing international interest in the country’s energy sector. Earlier this year, Saudi Aramco acquired a 40 per cent equity stake in GO Petroleum, while another Saudi-based group, Wafi Energy Holding Limited, secured control of Shell Pakistan with a 77.42 per cent shareholding. These transactions reflect a broader trend of global energy giants targeting Pakistan as an emerging market for investment and expansion.

Gunvor Group, one of the world’s leading commodities trading firms, is recognised for its extensive expertise in energy trading and logistics. With this acquisition, Gunvor aims to leverage its vast experience to enhance operational logistics, improve safety standards and provide competitive solutions that meet both local

and global energy demands. By acquiring a significant stake in TPPL, Gunvor is poised to further cement its presence in the South Asian market, tapping into Pakistan’s increasing demand for reliable and efficient energy solutions.

Total Parco Pakistan Limited operates an extensive network of retail fuel stations and is a key player in the automotive and industrial lubricants markets. The company’s portfolio includes a wide range of products essential to Pakistan’s transportation and industrial sectors, including high-performance automotive lubricants, as well as oils and lubricants for industrial machinery.

The CCP, in its review of the acquisition, defined the relevant product markets as ‘retail fuel’, ‘automotive lubricants’, and ‘industrial lubricants’, indicating the broad scope of TPPL’s operations and the significant impact this acquisition will have on the local market.

As Aquashore SA -- under the umbrella of Gunvor Group -- prepares to expand its operations in Pakistan, this acquisition strengthens its global business footprint and positions the company for long-term success in one of the region’s most promising markets. The move also signals a positive trend for foreign investment in Pakistan’s energy and automotive sectors, fostering a more competitive market environment.