Prime International to acquire Eni’s business in Pakistan: HUBC
HUBC acquires Eni’s business in Pakistan
11:30
November 17, 2022
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November 17, 2022 (MLN): Prime International Oil and Gas Company Limited (Prime), a 50-50 joint venture between Hub Power Holdings Limited and Eni's Employee Buy-out Group, entered into four sale purchase agreements with Eni International B.V., Eni Oil Holdings B.V., Eni UK Limited, and Eni ULX Limited for the purpose of acquiring Eni's business in Pakistan, HUBC in a notification sent to PSX informed.
The ENI transaction involves Prime purchasing 100% shareholdings of Eni Pakistan Limited, Eni AEP Limited, Eni Pakistan (M) Limited, and Eni New Energy Pakistan (Private) Limited from the Selling Entities.
The change of control in respect of the ENI Transaction has been approved by the Federal Cabinet and the Director General Petroleum Concessions along with other relevant authorities, it added.
Completion of the ENI Transaction will be achieved pursuant to the requisite regulatory process.
This is a landmark achievement for the Hub Power Company as we have now completed another step towards diversification of our portfolio, maximizing the value for our shareholders and delivering on our commitments.
The completion of the ENI Transaction is also expected to potentially reduce the country's dependence on imported oil and gas thus reducing the burden on national foreign exchange reserves.
Hub Power Holdings Limited Limited is a fully owned subsidiary of Hub Power Company Limited.
