TotalEnergies is selling its 50% stake in Total PARCO Pakistan Ltd. (TPPL) to commodities trading company Gunvor Group.
TPPL is a joint venture between TotalEnergies Marketing and Services and Pak-Arab Refinery Ltd. Following TotalEnergies’ exit, the new entity will continue its retail business under the “Total Parco” brand and its lubricants business under the “Total” brand for five years in Pakistan.
The move comes as TotalEnergies focuses on core geographies that present growth and transition opportunities, the company said in an Aug. 6 press release.
The deal remains subject to authorization by relevant authorities.
Recommended Reading
Chevron Moving HQ, CEO from California to Houston
2024-08-02 - Chevron Chairman and CEO Mike Wirth and Vice Chairman Mark Nelson will relocate to Houston, where much of Chevron’s other top leadership is already based.
LandBridge Chair: In-basin Data Centers Coming for Permian NatGas
2024-06-28 - Newly public Delaware Basin surface-owner LandBridge Co. has a 100-year lease agreement with one developer that could result in ground-breaking in two years and 1 GW in demand.
Permian’s LandBridge Prices IPO Below Range at $17/Share, Raising $247MM
2024-06-30 - Houston-based LandBridge, which manages some 220,000 surface acres in the Permian Basin, kicked off trading at $19 per share, more than 10% above its listing price.
Permian Surface-owner LandBridge to Raise up to $367MM in IPO
2024-06-17 - Houston-based LandBridge holds some 220,000 surface acres in the Delaware Basin.
Scott Sheffield Among Investors in Australian Shale Gas IPO
2024-06-27 - The operator who sold Pioneer Natural Resources Co. to Exxon Mobil in May for $59.5 billion joins his son Bryan Sheffield in shale gas investment Down Under.