TotalEnergies' Pakistan exit stirs company exodus fears

French energy major latest Western multinational to quit crisis-hit Asian nation

20240813.Total

France's TotalEnergies sold its stake in a network of 800 fueling stations in Pakistan. © Reuters

ADNAN AAMIR, Contributing writer

ISLAMABAD -- France's TotalEnergies has joined a growing list of Western multinationals slashing their exposure to Pakistan, in the latest blow for the economy in crisis.

At least nine companies, including Norwegian telecom Telenor and Shell Oil, have announced moves to partly or completely exit investments in Pakistan over the past two years due to concerns about over-regulation, a clampdown on repatriating profits and political instability.

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