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Markets

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

  • PM Shehbaz directs concerned authorities to provide all kinds of facilities for investment of Gunvor Group in Pakistan
Published September 16, 2024

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.

Comments

200 characters
NotSurprised Sep 16, 2024 08:13pm
In March 2022, Guvnor group refused to honour LNG supply contract when the prices of LNG shot up. Pakistan suffered as a result. Now they are to be facilitated? Shame on our short memories.
thumb_up Recommended (0) reply Reply
test Sep 16, 2024 09:23pm
I hate the energy sector especially oil and gas related businesses. I am more interested in wind, solar, hydro, coal projects. Oil, Gas & IPPs big mafia with a lot of money going out of beggar country
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test Sep 16, 2024 09:31pm
@NotSurprised, It's always about the elite class. It doesn't matter which govt in charge. Talking about Gunvor group do you remember Barrick Gold ? Corporates similar to Elite has their own interests.
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Test Sep 16, 2024 10:48pm
loss making entities in petroleum sector should be sold to france and switzerland.
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Kashif ALI Sep 16, 2024 11:43pm
@test, Thermal and Fossil fuels are the benchmark of Energy and Power Stability. Better learn to respect and appreciate them otherwise, you will face hardships in recalling their significance.
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T Sep 17, 2024 05:12am
Simply a photo session, nothing coming out of it.
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PERVEZ AHSANI Sep 17, 2024 01:47pm
Leaving a current business & entering a new one is a financial decision based on the assessment of risks & opportunities. No need to blame as there are business concerns at both ends of a transaction.
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PERVEZ AHSANI Sep 17, 2024 01:52pm
Dear BR The limitation of 200 characters for a comments is sometimes not enough.... Please increase it. Thanks. Pervez, Mob. No. 03442424551
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