AGL 41.00 Increased By ▲ 0.55 (1.36%)
AIRLINK 127.91 Decreased By ▼ -1.61 (-1.24%)
BOP 6.73 Decreased By ▼ -0.03 (-0.44%)
CNERGY 4.58 Increased By ▲ 0.46 (11.17%)
DCL 8.60 Decreased By ▼ -0.16 (-1.83%)
DFML 41.35 Decreased By ▼ -0.16 (-0.39%)
DGKC 87.00 Decreased By ▼ -1.02 (-1.16%)
FCCL 33.34 Decreased By ▼ -0.59 (-1.74%)
FFBL 65.50 Decreased By ▼ -0.72 (-1.09%)
FFL 10.48 Decreased By ▼ -0.15 (-1.41%)
HUBC 110.70 Decreased By ▼ -2.75 (-2.42%)
HUMNL 15.40 Decreased By ▼ -0.50 (-3.14%)
KEL 4.98 Increased By ▲ 0.14 (2.89%)
KOSM 7.43 Decreased By ▼ -0.18 (-2.37%)
MLCF 42.98 Decreased By ▼ -0.01 (-0.02%)
NBP 60.40 Decreased By ▼ -0.81 (-1.32%)
OGDC 199.01 Increased By ▲ 7.60 (3.97%)
PAEL 29.05 Increased By ▲ 2.19 (8.15%)
PIBTL 8.26 Increased By ▲ 1.00 (13.77%)
PPL 155.07 Increased By ▲ 5.00 (3.33%)
PRL 25.03 Decreased By ▼ -0.05 (-0.2%)
PTC 16.10 Decreased By ▼ -0.18 (-1.11%)
SEARL 78.45 Increased By ▲ 7.13 (10%)
TELE 7.41 Increased By ▲ 0.17 (2.35%)
TOMCL 36.15 Decreased By ▼ -0.06 (-0.17%)
TPLP 8.08 Increased By ▲ 0.08 (1%)
TREET 15.94 Decreased By ▼ -0.34 (-2.09%)
TRG 53.29 Increased By ▲ 1.68 (3.26%)
UNITY 26.75 Decreased By ▼ -0.49 (-1.8%)
WTL 1.27 No Change ▼ 0.00 (0%)

French energy giant TotalEnergies has signed an agreement to sell its 50% stake in Total PARCO Pakistan Limited (TPPL) to Gunvor Group, a leading global commodities trading company.

As per the company’s statement, the transaction reflects the “selective strategy” of TotalEnergies in marketing and services “focused on core geographies with growth and transitioning opportunities”.

It is pertinent to mention that TPPL is a 50/50 joint venture between Total Energies Marketing and Services and Pak-Arab Refinery Limited (PARCO) in Pakistan with a retail network of more than 800 service stations, fuel logistics, and lubricant activities.

TPPL’s storage infrastructure consists of 10 depots located in key locations i.e. Keamari (02), Shikarpur (01), Daulatpur (01), Mehmood Kot (01), Sahiwal (01), Machike (02), Rawalpindi (01), Taru Jabba (01) with a total storage capacity of 56,199 MT for gasoline, 47,238 MT of diesel, 5544 MT of excellium and 1,243 MT of SKO.

Finance minister meets PARCO team

“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,” read the statement, adding that the acquisition remains subject to authorization by the relevant authorities and related agreements.

Total Energies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. The company during the three months to March 2024, posted an adjusted net income of $5.1 billion.

Meanwhile, Gunvor is one of the world’s largest independent commodities trading houses by turnover, having strategic investments in industrial infrastructure — refineries, pipelines, storage and terminals — that complement its core trading activity.

The company is also a leading independent global trader of liquefied natural gas (LNG).

Earlier in March, Gunvor and Pakistan LNG Limited confirmed that they have now settled all outstanding legal proceedings on terms satisfactory to all concerned.

“The parties look forward to continuing to work together,” they said, however, the terms and details of the settlement remained confidential.

Comments

200 characters
Hina Aug 07, 2024 12:32am
No
thumb_up Recommended (0) reply Reply