HUBCO subsidiary to acquire all upstream operations of ENI in Pakistan

Hub Power Company Limited subsidiary Hub Power Company Limited on Monday to acquire all the upstream operations of global energy company ENI in Pakistan.

Furthermore, the company will also acquire renewable energy assets owned by Eni in Pakistan.

“In accordance with the applicable provisions of section 96 of the Securities Act, 201 5 and Rule 5.6.1. (a) of the PSX Rule Book, we hereby inform you that Hub Power Holdings Limited, a wholly-owned subsidiary of The Hub Power Company Limited together with ENI’s local employees (in a 50:50 joint venture) has executed definitive agreements to acquire all the upstream operations in Pakistan of Eni and renewable energy assets owned by Eni in Pakistan.

It is pertinent to inform Eni is considered one of the seven "supermajor" oil companies in the world, which has been operating in Pakistan since the year 2000 in the Exploration & Production Sector.

Back in June 2020, it was reported ENI is divesting its upstream business in Pakistan, which is currently being conducted through three entities, ENI Pakistan Limited, ENI AEP limited and ENI Pakistan M limited.

It was learnt that the listed exploration and production companies (E&Ps) may opt to buy these assets.

ENI major producing assets in Pakistan comprises of Bhit, Badhra and Kadanwari, which generates 75 percent of its revenue.