DUBAI/PARIS: Total and its joint venture partner have agreed to buy Chevron Corp’s retail distribution business in Pakistan, following a similar move by the French energy giant to buy the US firm’s Egyptian retail business in August.
Total Parco Pakistan Limited, a joint venture between Total and Pak Arab Refinery Limited (Parco), will acquire Chevron’s fuel marketing, logistics and aviation business in Pakistan.
The businesses includes 538 petrol stations, sources said, declining to be named because the matter was private. Total did not provide a value for the transaction. A spokesman for Chevron was not available for comment.
Chevron was nearing a sale of its downstream assets in Pakistan and Egypt, sources said in May, in a deal which was seen raising around $300m. The company was conducting a separate sale process for both the businesses, the sources had said.
Reuters
