TotalEnergies, a major player in the global energy sector, has announced its decision to sell its 50 per cent stake in Total PARCO Pakistan Limited (TPPL) to Gunvor Group.

This move aligns with TotalEnergies‘ focus on concentrating its Marketing & Services operations in key geographies that offer growth and transition opportunities.

TPPL, a joint venture between TotalEnergies and Pak-Arab Refinery Limited (PARCO), operates a robust network of over 800 service stations across Pakistan, along with fuel logistics and lubricants activities.

Despite the change in ownership, the new entity will maintain its retail operations under the “Total Parco” brand and its lubricants business under the “Total” brand for the next five years, ensuring continuity in service for its customers.

The completion of this acquisition is contingent upon receiving the necessary approvals from relevant authorities and finalising related agreements.

This transaction underscores TotalEnergies’ commitment to refining its portfolio to focus on areas with significant growth potential.

Gunvor Group, known for its extensive global trading and logistics operations, views this acquisition as a strategic expansion into the Pakistani market.

The company has a strong presence in the energy trading sector and is committed to reducing its carbon footprint by 2025.