Pakistan competition watchdog approves Gunvor's acquisition of 50% shares in Total Parco

The Competition Commission of Pakistan (CCP) has approved the transaction between Gunvor and Total Parco, enabling 50% of the shares in Total Energies Marketing to be transferred to Aquashore, a subsidiary of Gunvor.

Total Parco, a joint venture between TotalEnergies Marketing and Services and Pak-Arab Refinery Limited (PARCO), operates a network of over 800 service stations in Pakistan, along with fuel logistics and lubricants activities.

The new entity will continue its retail operations under the "Total Parco" brand and its lubricants business under the "Total" brand, maintaining its service to customers, CCP’s spokesperson said.

The acquisition is still subject to authorization by relevant authorities and related agreements.

This is the third significant transaction in Pakistan's petroleum sector over the past year. Earlier, Saudi Aramco acquired a 40% stake in Go Petroleum, and Saudi group Wafi Energy acquired a 77.42% share in Shell Pakistan.

Gunvor's investment reflects the growing trend of foreign investment in Pakistan's energy sector, showcasing confidence in the market's potential.