TotalEnergies announces that it has signed an agreement to sell its 50% stake in Total PARCO Pakistan Limited (TPPL) to the oil trading group Gunvor, as part of the selective strategy of its marketing and services division.

A joint venture between TotalEnergies Marketing Services and Pak-Arab Refinery Limited (PARCO), TPPL has a distribution network of over 800 service stations in Pakistan, as well as logistics and lubricants activities.

The new entity will continue to operate its distribution business under the existing 'Total Parco' brand and its lubricants business under the 'Total' brand for a period of five years, in order to continue to serve its customers in Pakistan," says the company.

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