Total Parco Pakistan Limited plans to invest approximately PKR 21 billion (USD 198 million) in acquiring and rebranding Chevron Pakistan Ltd. businesses in Pakistan, a senior official said.
Total Parco Pakistan formally acquired Chevron Pakistan (Caltex) in July. The deal included the retail, commercial and industrial and aviation fuel businesses of Chevron Pakistan, but excluded the lubricants business.
Marc Soissong, chief executive officer at Total Parco Pakistan Limited, declined to disclose the specific figure, but said the amount was significant. He said it will take 18 months to complete the changeover. Once the changeover is completed, the number of Total Parco’s oil retail outlets will reach 800. Chevron Pakistan had around 500 oil retail outlets.
“We are eyeing the position of the third largest oil marketing company in Pakistan,” he was quoted as saying.
Soissong, who is also the country manager of Total Oil Pakistan, said many innovations can be done in the oil marketing sector of Pakistan. “Our main objective is to consolidate our businesses,” he said.
Total Parco Pakistan Ltd. is a 50-50 joint venture of Total Marketing & Services and Pak Arab Refinery Ltd. (PARCO), which focuses on fuels and retail operations. PARCO is a joint venture between the Government of Pakistan and the Emirate of Abu Dhabi. The Government of Pakistan holds 60% of PARCO, while the Emirate of Abu Dhabi owns 40% through its Abu Dhabi Petroleum Investment Company L.L.C. (ADPI), a subsidiary group of International Petroleum Investment Company (IPIC).