French “TotalEnergies” sells share in 800 gas stations in Pakistan
“TotalEnergies” has signed an agreement with Swiss trader Gunvor Group on the sale of a 50 percent share in a joint venture that owns 800 gas stations in Pakistan, the French company said.
For example, a share in Total PARCO Pakistan Limited (TPPL) is being sold, where the second participant is PARCO (60% is owned by the government of Pakistan and 40% is owned by the Abu Dhabi sovereign wealth fund Mubadala Investment Company).
The deal reflects the company's selective retail business strategy focused on key regions, growth opportunities and energy transition, “TotalEnergies” noted.
TPPL owns a network of more than 800 gas stations. The new joint venture will continue to operate under the Total Parco brand for 5 years. The deal must be approved by the authorities.
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