French oil major TotalEnergies has agreed to sell its 50% stake in oil marketing company Total PARCO Pakistan Limited to global commodities trader Gunvor Group, TotalEnergies said in a statement on Tuesday.
A joint venture between Total Energies and Pak-Arab Refinery Limited in Pakistan, Total PARCO Pakistan limited has a retail network of more than 800 service stations and is involved 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.
Full story TotalEnergies to sell 50% stake in Pakistan oil marketing firm to Gunvor Group (yahoo.com)
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