ISLAMABAD: Gunvor Group, a prominent global commodities trading firm, has expressed strong interest in investing in Pakistan’s petroleum sector, according to an official statement from the Pakistani government.
The announcement followed a meeting between Prime Minister Shehbaz Sharif and Gunvor Group Chairman Torbjorn Tornqvist, along with Mehmet Celepoglu, Regional Vice President of TotalEnergies, on Monday. Prime Minister Shehbaz warmly received the Gunvor Chairman upon his visit to Pakistan.
“Gunvor Group’s Chairman has shown a keen interest in expanding investment into Pakistan’s petroleum industry,” the government’s statement read.
During the discussions, PM Shehbaz instructed the relevant authorities to extend full support and provide all necessary facilities to Gunvor Group for their proposed investments.
In a related development last month, TotalEnergies signed an agreement to sell its 50% stake in Total PARCO Pakistan Limited (TPPL) to Gunvor Group. The French energy company emphasized that the deal aligns with its strategy of focusing on core markets with potential for growth and energy transition.
The retail arm of the new entity will continue to operate under the existing ‘Total Parco’ brand, while the lubricants business will retain the ‘Total’ brand for the next five years in Pakistan. The acquisition, however, remains subject to approval from the relevant regulatory authorities.
