Press Release - TotalEnergies sells its shares in Total PARCO in Pakistan
Paris/Lahore, August 05, 2024 – TotalEnergies has signed an agreement to sell its 50% 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 & Services focused on core geographies with growth and transitioning opportunities.
TPPL is 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 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.
The acquisition remains subject to authorization by the relevant authorities and related agreements.
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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.
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