Islamabad, Aug 7: The French business Total left Pakistan by selling its stakes to Gunvor, another major international corporation. With the earlier exit of Shell Pakistan, TotalEnergies Marketing & Services has now concluded its activities in the nation and formalized a deal with Gunvor for the sale of its shares.
Operating the most advanced refinery and upholding a cross-country pipeline network, TotalEnergies Marketing & Services is a prominent energy operator with operations in over 130 countries. The governments of Pakistan and the United Arab Emirates collaborated to develop Pak Arab Refinery Limited (PARCO), which established this joint venture firm in 2001. 2015 saw, by acquiring Chevron’s retail network in Pakistan, Total Pakistan increased the size of its network to over 800 stations and established itself as the nation’s second-largest oil marketing company (OMC).
By purchasing the shares of TotalEnergies Marketing, Gunvor, a trading company that has previously supplied LNG to Pakistan under a contract with Pakistan LNG Limited (PLL), has now entered the country’s oil market. As Gunvor increases its footprint and broadens its operations in the area, this action marks a dramatic change in the dynamics of Pakistan’s oil market.
