French energy company “Total Energies” has signed an agreement to sell its 50% stake in Total Parco Pakistan Limited (TPPL) to the leading global commodities trading company “Gunor Group”.
The transaction reflects Total Energies’ “selective strategy” in marketing and services, according to a company statement.
It may be noted that TPPL is a 50/50 joint venture of Total Energies Marketing and Services and Pak Arab Refinery Limited (PARCO) in Pakistan, with a retail network of over 800 service stations, fuel logistics and lubricants activities.
TPPL’s storage infrastructure consists of 10 depots located at key locations such as two at Kemari, one at Shikarpur, one at Daulatpur, one at Mahmudkot, one at Sahiwal, two at Mochke, and one at Rawalpindi. There is one located in Taro Jabba.
The total capacity of these depots is 56 thousand 199 metric tons of petrol, 47 thousand 238 metric tons of diesel, 5544 metric tons of Xyllium and 1244 metric tons of SKO.
The statement added that the new entity will continue its retail business under the existing “Total Parco” brand and its lubricants business under the “Total” brand will continue for five years in Pakistan.
Total Energies is a global integrated energy company that produces and markets energy, including oil and biofuels, natural gas and green gases, renewable energy.
The company posted adjusted net income of $5.1 billion in the three months ended March 2024.
Meanwhile, Ganor is one of the world’s largest independent commodities trading houses by business, with strategic investments in industrial infrastructure such as refineries, pipelines, storage and terminals, complementing its core trading activity. and create sustainable value for customers in the global supply chain.
The company is also a leading independent global trader of liquefied natural gas (LNG).
Earlier in March, Gunur and Pakistan LNG Limited confirmed that they have now settled all legal proceedings on terms satisfactory to all concerned.
He said that the parties are willing to continue working together, but the terms and details of the agreement have been kept confidential.
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2024-08-06 16:18:40
