Strength, expertise of new venture: PD directs Eni Pakistan to provide evidence

ISLAMABAD: The Petroleum Division has directed the managing director of Eni Pakistan Limited to provide evidence regarding financial strength, and technical expertise of this new venture, following the proposed sale of Eni Pakistan Limited to a new venture.

Taking serious notice of the sale of Eni Pakistan Limited to a new venture, the Petroleum Division, in a letter dated September 20, 2021 with the subject, “Proposed Change of Control of Eni Pakistan Limited”, asked Eni Pakistan Limited chief (MD) to provide proofs regarding source of funding for the acquisition of 50 percent shareholding of the Eni Pakistan Limited, details of any tax liability acquired by details of Prime International Oil and Gas Company Limited (PIOGCL) in order to establish the technical and financial strength of this foreign firm, the PIOGCL.

The Petroleum Division has further sought from the MD Eni Pakistan Limited to provide details of the management structure showing clear lines of responsibility and processes for upstream operation, providing all details of operational staff to be based in the country, details of health, safety and environmental management system to be implemented and used by the company, details of how the PIOGCL will manage in practice an exploration, production and development operations acquired from M/s Eni, having no past experience in the E&P sector, and details of technical and logistic resources available for the E&P operations acquired from the M/s Eni.

Copyright Business Recorder, 2021