In favour of PIOGCL: Eni Pakistan asked to provide undertaking of HPHL

ISLAMABAD: The Petroleum Division has asked Eni Pakistan Limited to provide an undertaking of Hub Power Holdings Limited (HPHL) in favour of M/s Prime International Oil and Gas Company Limited (PIOGCL) for sale of Eni Pakistan Ltd to the PIOGCL.

The Petroleum Division wants undertaking before tabling a case before the government to approve ENI acquisition deal.

Documents revealed that the Petroleum Division’s Directorate General of Petroleum Concession (DGPC) in a letter sent on April 1, 2022 to the managing director (MD) of Eni Pakistan Limited has asked to provide an undertaking of M/s HPHL in favour of M/s PIOGCL for materializing the proposed change of control of Eni Pakistan Limited to PIOGCL.

As per details, the DGPC has asked the MD Eni Pakistan Limited to provide the undertaking on a judicial stamp paper mainly because if the PIOGCL fails in meeting its obligations/financing with regard to acquisition price and running of operations in future, the HPHL will provide all such financial support of the PIOGCL unconditionally including EBO’s group share.

And, after fulfilling the procedural requirement, the matter pertain to change of control of Eni Pakistan Limited to the PIOGCL will be presented before the federal cabinet for necessary approval.

Power Division likely to decide future of Hubco next week

Documents available with this scribe disclosed that Eni UK Limited and Eni Oil Holdings BV (Vendor) had earlier entered into a sale purchase agreement with Prime International Oil & Gas Limited (purchaser) for the sale of entire share capital of its subsidiary company (Eni Pakistan Limited).

And, the vendor requested the government’s consent (NOC) for the said transaction and provided certain information as per provisions of the applicable rules.

Copyright Business Recorder, 2022