Gunvor to Buy 50% Stake in Total’s Pakistan Fuel Stations
An employee refuels a motorcycle at a Total Parco gas station in Karachi.
Photographer: Asif Hassan/AFP/Getty ImagesThis article is for subscribers only.
Gunvor Group Ltd. agreed to buy TotalEnergies SE’s 50% stake in Pakistan’s second-largest filling-station network, the latest move by a major commodity trader into fuel retail.
The Total Parco network, a 50-50 joint venture with Pak-Arab Refinery Ltd., has more than 800 gas stations and lubricant distribution units. Gunvor is among global commodity houses tapping bumper profits to buy up downstream assets in a bet on emerging-market demand and to lock in fuel-purchase contracts.