TotalEnergies Sells Its Shares in Total Parco in Pakistan
August 06 2024 - 4:42AM
Business Wire
Regulatory News:
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has signed an
agreement to sell its 50% stake in Total PARCO Pakistan Limited
(TPPL) to Gunvor Group, a leading global commodities trading
company. The transaction reflects the selective strategy of
TotalEnergies in Marketing & Services focused on core
geographies with growth and transitioning opportunities.
TPPL is a 50/50 joint venture between TotalEnergies Marketing
and Services and Pak-Arab Refinery Limited (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, continuing to serve its
customers.
The acquisition remains subject to authorization by the relevant
authorities and related agreements.
***
About TotalEnergies TotalEnergies is a global integrated
energy company that produces and markets energies: oil and
biofuels, natural gas and green gases, renewables and electricity.
Our more than 100,000 employees are committed to provide as many
people as possible with energy that is more reliable, more
affordable and more sustainable. Active in about 120 countries,
TotalEnergies places sustainability at the heart of its strategy,
its projects and its operations.
Cautionary Note The terms “TotalEnergies”, “TotalEnergies
company” or “Company” in this document are used to designate
TotalEnergies SE and the consolidated entities that are directly or
indirectly controlled by TotalEnergies SE. Likewise, the words
“we”, “us” and “our” may also be used to refer to these entities or
to their employees. The entities in which TotalEnergies SE directly
or indirectly owns a shareholding are separate legal entities.
TotalEnergies SE has no liability for the acts or omissions of
these entities. This document may contain forward-looking
information and statements that are based on a number of economic
data and assumptions made in a given economic, competitive and
regulatory environment. They may prove to be inaccurate in the
future and are subject to a number of risk factors. Neither
TotalEnergies SE nor any of its subsidiaries assumes any obligation
to update publicly any forward-looking information or statement,
objectives or trends contained in this document whether as a result
of new information, future events or otherwise. Information
concerning risk factors, that may affect TotalEnergies’ financial
results or activities is provided in the most recent Registration
Document, the French-language version of which is filed by
TotalEnergies SE with the French securities regulator Autorité des
Marchés Financiers (AMF), and in the Form 20-F filed with the
United States Securities and Exchange Commission (SEC).
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