TotalEnergies to Divest 50% Stake in Pakistani Oil Marketing Firm to Gunvor Group

TotalEnergies has entered into an agreement to sell its 50% stake in Total PARCO Pakistan Limited (TPPL) to Gunvor Group, a prominent global commodities trading company. This transaction aligns with TotalEnergies' selective strategy in Marketing & Services, focusing on core geographies that offer growth and transition opportunities.

TPPL is a joint venture between TotalEnergies Marketing and Services and Pak-Arab Refinery Limited (PARCO) in Pakistan, with each holding a 50% stake. The venture operates a vast retail network of over 800 service stations, along with fuel logistics and lubricants activities. Despite the change in ownership, the new entity will continue its retail operations under the "Total Parco" brand and its lubricants business under the "Total" brand for the next five years in Pakistan, ensuring uninterrupted service to its customers.

This strategic move is part of TotalEnergies' broader plan to optimize its portfolio by concentrating on areas with significant growth potential and opportunities for transitioning to more sustainable energy solutions. Gunvor Group, known for its extensive expertise in commodities trading, will be a strong partner in taking over and expanding the operations of TPPL in Pakistan.

The continuation of the TPPL brand under Gunvor Group’s management ensures stability and consistency for its customers and stakeholders. The existing service stations and logistics operations will remain operational, maintaining the high standards and reliability associated with the Total Parco and Total brands. This continuity is crucial for maintaining customer trust and loyalty, which have been built over years of consistent service and quality.

The acquisition is still subject to approval by relevant authorities and the completion of related agreements. Both TotalEnergies and Gunvor Group are committed to ensuring a smooth transition and upholding the operational standards and business relationships that have been established.

This sale marks a significant step in TotalEnergies' strategy to streamline its operations and focus on regions that offer robust growth prospects and align with its vision for the future of energy. Meanwhile, Gunvor Group's acquisition of a substantial stake in TPPL is expected to bolster its presence in the Pakistani market and enhance its capabilities in the fuel and lubricants sectors. The transaction underscores the dynamic nature of the energy market and the strategic adjustments companies are making to stay competitive and sustainable in a rapidly evolving industry landscape.

TotalEnergies is a global integrated energy company engaged in the production and marketing of oil, biofuels, natural gas, green gases, renewables, and electricity. With a workforce of over 100,000 employees, the company is dedicated to delivering reliable, affordable, and sustainable energy to as many people as possible. Operating in approximately 120 countries, TotalEnergies prioritizes sustainability at the core of its strategy, projects, and operations.