Total to sell 50pc stake in Pakistani subsidiary to Gunvor Group

French oil major TotalEnergies has agreed to sell its 50 per cent stake in oil marketing company Total Parco Pakistan Limited (TPPL) 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, TTPL 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 and 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.