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TotalEnergies SE (NYSE:TTE) shares are trading lower today after the company agreed to sell its 50% stake in Total PARCO Pakistan Limited (TPPL) to Gunvor Group for an undisclosed amount.
This move aligns with TotalEnergies’ strategy to concentrate on core markets with growth potential and transition opportunities.
TPPL is a joint venture equally owned by TotalEnergies Marketing and Services and Pak-Arab Refinery Limited (PARCO). It operates a network of over 800 service stations in Pakistan, along with fuel logistics and lubricants activities.
The new entity will maintain its retail operations under the “Total Parco” brand and its lubricants business under the “Total” brand in Pakistan for the next five years, ensuring ongoing service to its customers.
Adnan Sheikh, assistant vice president research at Pak Kuwait Investment Company said, “Well at least it’s another foreigner taking over and not a complete exit, but it’s concerning that Pakistan is no longer a core geography for Total,” reported Reuters.
Recently, TotalEnergies stated that it will acquire a portfolio of African hydropower projects to advance its multi-energy strategy.
Also, TotalEnergies disclosed its decision to exit the block off South Africa’s Southern coast, where its affiliate holds a 45% interest, following the partner CNRI’s withdrawal from Block 11B/12B.
Last month, TotalEnergies reported Q2 adjusted EPS of $1.98, missing the $2.09 consensus; hydrocarbon production fell 1% Y/Y to 2,441 kboe/d.
Investors can gain exposure to the stock via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:EIPX) and First Trust Exchange-Traded Fund VIII FT Energy Income Partners Enhanced Income ETF (NYSE:EIPI).
Price Action: TTE shares are down 2.07% at $64.25 at last check on Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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