LA DEFENSE (dpa-AFX) - TotalEnergies (TTE), a French energy company, announced on Tuesday that it has signed a deal to sell 50 percent of its stake in Total PARCO Pakistan Ltd. or TPPL to Gunvor Group, a Swiss commodities trading company. The financial terms of the deal are not known.
TPPL is a 50:50 joint venture of TotalEnergies Marketing and Services and Pak-Arab Refinery Ltd. or PARCO in Pakistan with a retail network of more than 800 service stations, fuel logistics, and lubricants activities.
The new entity will continue its retail business under the existing 'Total Parco' brand, and its lubricants business under the 'Total' brand for five years in Pakistan.
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