French firm TotalEnergies exits Pakistan

After Shell, the French firm Total has exited Pakistan, selling its shares to another leading global company, Gunvor. Following Shell Pakistan’s earlier departure, TotalEnergies Marketing & Services has now also wound up its operations in the country, formalising an agreement with Gunvor for the sale of its shares.

TotalEnergies Marketing & Services, a major energy player active in more than 130 countries, has been a significant presence in Pakistan, operating the most modern refinery and maintaining a cross-country pipeline network. This joint venture company was formed in 2001 by Pak Arab Refinery Limited (PARCO), a collaboration between the governments of Pakistan and the UAE. In 2015, Total Pakistan expanded its footprint by acquiring Chevron's retail network in Pakistan, raising its network to over 800 stations and positioning itself as the second-largest oil marketing company (OMC) in the country.

Gunvor, a trading company with a history of supplying LNG to Pakistan through an agreement with Pakistan LNG Limited (PLL), has now ventured into the oil business in Pakistan by acquiring TotalEnergies Marketing’s shares. This move signals a significant shift in the dynamics of Pakistan’s oil market, as Gunvor strengthens its presence and expands its operations in the region.