Gunvor completes acquisition of TotalEnergies shares in Total PARCO in Pakistan
Gunvor completes acquisition of TotalEnergies shares in Total PARCO in Pakistan
LAHORE (6 December 2024) – Gunvor Group, a leading global commodities trading company, has completed its acquisition of TotalEnergies’ 50% stake in Total PARCO Pakistan Limited (TPPL), after receiving all necessary approvals from relevant authorities and finalizing related agreements.
TPPL operated as 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 to serve its customers through its retail business under the existing “Total PARCO” brand, and its lubricants business under the “Total” brand in Pakistan..
“This acquisition represents a significant investment in the retail and distribution space, and contributes to Gunvor’s strategy of owning and investing in assets along the value chain that support our core trading operations,” said Shahb Richyal, Gunvor’s Global Head of Portfolio.
About Gunvor
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy, bulk materials, and base metals from where they are sourced and stored to where they are demanded most. Gunvor, which generated turnover of US $127 billion on volumes of 177 million MT in 2023, has committed to cut Scope 1 and 2 emissions by 40% by 2025. For more information, visit GunvorGroup.com
About Pak-Arab Refinery Limited (PARCO)
PARCO is a fully integrated energy company and is one of the largest companies in Pakistan’s corporate sector. A Joint Venture between the Government of Pakistan (60%) and the Emirate of Abu Dhabi (40%), PARCO is a leading energy company incorporated as a public limited company in 1974 through its Mubadala Investment Company. With its modern refinery, an extensive pipeline network, storage of over 1.5 million tons at various locations and marketing activities, PARCO is fueling Pakistan’s economic growth.
About TotalEnergies
TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.