CCP okays acquisition of 50pc shareholding in TPPL by Aquashore SA

ISLAMABAD: The Competition Commission of Pakistan (CCP) has granted approval for the acquisition of 50 percent shareholding in Total Parco Pakistan Limited (TPPL) by Aquashore SA, a company operating under Switzerland’s Gunvor Group.

Under the terms of the Sale and Purchase Agreement, these shares will be transferred from TotalEnergies Marketing Services to Aquashore SA.

In the petroleum sector, this acquisition marks the latest in a series of high-profile transactions recently approved by the CCP.

Earlier this year, Saudi Aramco acquired 40 percent equity stake in GO Petroleum, while another Saudi group, Wafi Energy Holding Limited, acquired 77.42 percent shareholding and control of Shell Pakistan Limited.

These transactions highlight the growing interest of global energy giants in Pakistan’s dynamic energy sector.

Gunvor Group, one of the world’s premier commodities trading companies, brings vast experience in trading and logistics.

Through this transaction, Gunvor aims to enhance operational logistics, safety standards, and competitive solutions that bridge global energy supply and demand. Gunvor’s vast experience in commodities trading and logistics provides Aquashore SA with a strategic advantage, aligning well with Pakistan’s expanding demand for efficient and secure energy solutions.

TPPL operates an extensive network of retail fuel stations and provides a diverse range of essential products, including automotive and industrial lubricants.

The CCP has defined the relevant product markets for this transaction as ‘Retail Fuel, Automotive Lubricants, and Industrial Lubricants.

As Aquashore SA prepares to expand its operations in Pakistan, this acquisition strengthens its global business footprint. It also signifies a positive trend for foreign investment in Pakistan’s energy and automotive sectors, paving the way for enhanced services, improved supply-chain reliability, and a more competitive market landscape.

Copyright Business Recorder, 2024