For the French oil and gas company, the deal forms part of its efforts to focus on core geographies. Credit: rafapress/Shutterstock.

TotalEnergies has reached an agreement to divest its 50% share in Total PARCO Pakistan Limited (TPPL) to Gunvor Group for an undisclosed sum.  

TPPL is a 50/50 joint venture between TotalEnergies Marketing and Services and Pak-Arab Refinery (PARCO) in Pakistan.  

Related Company Profiles

View all

It operates a retail network of more than 800 service stations, along with fuel logistics and lubricants operations. 

For the French oil and gas company, the deal is part of its strategy to concentrate on core geographies.  

“The transaction reflects the selective strategy of TotalEnergies in marketing & services focused on core geographies with growth and transitioning opportunities,” TotalEnergies said. 

Under the terms of the agreement, TPPL will continue operating its retail services under the Total Parco brand and its lubricants business under the Total brand in Pakistan for the next five years. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The deal is subject to regulatory approvals and other closing conditions.  

In November 2023, Shell subsidiary Shell Petroleum Company agreed to sell its majority stake in its Pakistan unit to Wafi Energy. 

In June of that year, Shell announced plans to leave Pakistan as part of its strategy to simplify operations. 

Shell Pakistan’s activities, which suffered severe losses, comprise around 600 mobility stations, ten gasoline terminals and a lubricating oil mixing plant. 

The Pakistani business, established in 1989, also has a 26% share in Pak-Arab Pipeline Company. 

Subject to regulatory clearance, the divestiture is scheduled to be completed by the fourth quarter of 2024. 

In June this year, TotalEnergies announced that it is exiting block 11B/12B and blocks 5/6/7, offshore South Africa.  

The block 11B/12B encompasses the Brulpadda and Luiperd gas discoveries, which are said to be the largest in South Africa.  

However, TotalEnergies deemed these discoveries too difficult and costly to develop and capitalise on economically.