PHOTO
The Swiss-based commodities trading firm Gunvor Group has acquired TotalEnergies’ 50% stake in Total PARCO Pakistan Ltd (TPPL), a joint venture backed by the Abu Dhabi government.
TPPL is a 50/50 JV between TotalEnergies Marketing and Services and Pak-Arab Refinery Limited (PARCO) in Pakistan. Abu Dhabi, through its Mubadala Investment Company, holds a 40% stake in PARCO, with the remaining held by the government of Pakistan.
TPPL currently has a retail network of more than 800 service stations.
The financial terms of the transaction have not been released, with the French-based multi-energy company stating the transaction “reflects the selective strategy of TotalEnergies in Marketing and Services, focused on core geographies with growth and transitioning opportunities.”
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.
The acquisition remains subject to authorisation by the relevant authorities and related agreements.
(Writing by Bindu Rai, editing by Seban Scaria)