TotaEnergies sells stake in oil marketing company

TotalEnergies has announced that it will sell its 50% stake in Total PARCO Pakistan Limited to Gunvor Group.

Total PARCO Pakistan Limited, a joint venture with Pak-Arab Refinery Limited, operates over 800 service stations and is involved in fuel logistics and lubricants.

The company is considered the second largest oil marketing company in Pakistan.

In a statement, TotalEnergies said: “The transaction reflects the selective strategy of TotalEnergies in Marketing & Services focused on core geographies with growth and transitioning opportunities.”