KARACHI: French oil major TotalEnergies has announced it will sell its 50% stake in Total PARCO Pakistan Limited, an oil marketing company, to global commodities trader Gunvor Group. The decision, revealed in a statement on Tuesday, is part of TotalEnergies’ broader strategy to streamline its investments and focus on core areas. This transaction marks a significant shift in the ownership landscape of the Pakistani oil market, with Gunvor Group set to acquire a substantial share of the company’s operations.
A joint venture between TotalEnergies and Pak-Arab Refinery Limited, Total PARCO Pakistan Limited operates a network of over 800 service stations and is active in fuel logistics and lubricants.
TotalEnergies said the transaction, which is subject to regulatory approvals, reflects its selective strategy in Marketing & Services to focus 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 statement said.
Last year, Shell Petroleum Company announced its exit from Shell Pakistan with the sale of its 77 per cent shareholding in the local business.
