Gunvor Group keen to invest in petroleum sector, says Pakistan govt

Gunvor Group, a leading global commodities trading company, has expressed a keen interest in the country’s petroleum sector, said an official Pakistan government statement.

The statement came after a meeting of Torbjorn Tornqvist, Chairman of Gunvor Group, and Mehmet Celepoglu, Regional Vice President of TotalEnergies, a French energy giant, with Prime Minister Muhammad Shehbaz Sharif on Monday.

As per a statement by the Pakistan government, Prime Minister Shahbaz welcomed the Chairman of Gunvor Group on his arrival in the country.

“Chairman Gunvor Group expressed keen interest in investing in Pakistan’s petroleum sector,” read the statement.

During the meeting, PM Shehbaz directed the concerned authorities to provide all kinds of facilities for the investment of Gunvor Group in Pakistan.

Last month, TotalEnergies signed an agreement to sell its 50% stake in Total PARCO Pakistan Limited (TPPL) to Gunvor Group.

The French energy company in its statement at the time said that the transaction reflects the “selective strategy” of TotalEnergies in marketing and services “focused 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, continuing to serve its customers,” it stated, adding that the acquisition remains subject to authorization by the relevant authorities and related agreements.