TotalEnergies to Sell 50% Stake in TPPL to Gunvor Group, Maintaining Brand Presence in Pakistan
Summary
(IN BRIEF) TotalEnergies is selling its 50% stake in Total PARCO Pakistan Limited (TPPL) to Gunvor Group. TPPL, a joint venture with Pak-Arab Refinery Limited (PARCO), operates over 800 service stations and has fuel logistics and lubricants activities in Pakistan. (PRESS RELEASE) PARIS, 6-Aug-2024 /EuropaWire/ 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 move aligns with TotalEnergies strategy to focus on core geographies with growth and transition opportunities in its Marketing & Services division.TPPL, a joint venture between TotalEnergies Marketing and Services and Pak-Arab Refinery Limited (PARCO), operates a network of over 800 service stations, fuel logistics, and lubricants activities across Pakistan.Following the acquisition, 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, ensuring continued service to its customers.The completion of this transaction is subject to approval from relevant authorities and related agreements.TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Information concerning risk factors, that may affect TotalEnergies financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorit\xe9 des March\xe9s Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).