AGL 5.51 Increased By ▲ 0.11 (2.04%)
ANL 8.49 Decreased By ▼ -0.30 (-3.41%)
AVN 75.73 Decreased By ▼ -0.43 (-0.56%)
BOP 5.21 Increased By ▲ 0.04 (0.77%)
CNERGY 4.42 Decreased By ▼ -0.06 (-1.34%)
EFERT 81.53 Increased By ▲ 0.43 (0.53%)
EPCL 49.54 Increased By ▲ 0.54 (1.1%)
FCCL 12.68 Decreased By ▼ -0.02 (-0.16%)
FFL 5.52 Decreased By ▼ -0.07 (-1.25%)
FLYNG 6.74 Decreased By ▼ -0.24 (-3.44%)
FNEL 4.64 Increased By ▲ 0.01 (0.22%)
GGGL 8.45 Decreased By ▼ -0.14 (-1.63%)
GGL 13.85 Decreased By ▼ -0.21 (-1.49%)
HUMNL 6.03 Increased By ▲ 0.53 (9.64%)
KEL 2.56 Decreased By ▼ -0.04 (-1.54%)
LOTCHEM 27.62 Decreased By ▼ -0.09 (-0.32%)
MLCF 23.75 Increased By ▲ 0.07 (0.3%)
OGDC 71.22 Decreased By ▼ -0.23 (-0.32%)
PAEL 15.16 Decreased By ▼ -0.04 (-0.26%)
PIBTL 4.87 Decreased By ▼ -0.04 (-0.81%)
PRL 15.86 Increased By ▲ 0.06 (0.38%)
SILK 1.09 Increased By ▲ 0.04 (3.81%)
TELE 8.84 Decreased By ▼ -0.15 (-1.67%)
TPL 7.08 Decreased By ▼ -0.08 (-1.12%)
TPLP 19.20 Decreased By ▼ -0.02 (-0.1%)
TREET 20.87 Decreased By ▼ -0.27 (-1.28%)
TRG 136.73 Decreased By ▼ -0.02 (-0.01%)
UNITY 16.54 Decreased By ▼ -0.26 (-1.55%)
WAVES 9.16 Increased By ▲ 0.06 (0.66%)
WTL 1.34 Decreased By ▼ -0.03 (-2.19%)
BR100 4,158 Decreased By -27.7 (-0.66%)
BR30 15,339 Decreased By -127.2 (-0.82%)
KSE100 41,652 Decreased By -167.7 (-0.4%)
KSE30 15,380 Decreased By -68.1 (-0.44%)
Markets HUBC (The Hub Power Company Limited) 65.89 Decreased By ▼ -0.24%

Prime International set to acquire Eni’s business in Pakistan

  • PSX notice sent by HUBCO says completion of the transaction could potentially reduce the country’s dependence on imported oil and gas
Published November 17, 2022
Follow us

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, is set to acquire Eni's business in Pakistan.

The development was shared by Hub Power Company Limited (Hubco), the parent company of Hub Power Holdings Limited, in a notification sent to the Pakistan Stock Exchange (PSX) on Thursday.

“We write to inform you that Prime International Oil and Gas Company Limited (Prime), a 50-50 joint venture between Hub Power Holdings Limited (a fully owned subsidiary of The Hub Power Company 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,” read the notice.

It said that 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 company informed that the change of control in respect of the ENI Transaction has been approved by the federal cabinet and the Director General Petroleum Concessions (DGPC) along with other relevant authorities.

It added that the 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,” said the company.

“Completion of the ENI Transaction is also expected to potentially reduce the country’s dependence on imported oil and gas thus reduce the burden on national foreign exchange reserves,” it added.

Global supply-chain disruptions owing to the Russia-Ukraine war have led prices of energy commodities including LNG to skyrocket.

On the other hand, Pakistan is dealing with fuel shortages, as it has failed to secure LNG cargoes owing to high international demand.

Last year, Hub Power Holdings Limited acquired all the upstream operations in Pakistan of Eni and renewable energy assets owned by Eni in Pakistan.

Eni is a global energy company, which has been operating in Pakistan since the year 2000 in the exploration and production sector.

Comments

Comments are closed.

Aamir Latif Nov 17, 2022 10:41pm
Best wishes to Prime International, it's a first experiment of employee buy out with HUBCO to aquire Eni asset
thumb_up Recommended (0)
M Nov 19, 2022 02:19pm
How it will reduce the dependence on imported oil etc
thumb_up Recommended (0)
Shaikh Nov 20, 2022 06:16pm
Sad to see another leading international Oil & Gas E&P company leaving Pakistan . Govt. Of Pakistan unable to attract & facilitate International Oil & Gas E&P Companies
thumb_up Recommended (0)

Prime International set to acquire Eni’s business in Pakistan

Forex reserves fall to $6.7bn on repayments

CARs: ADB lists barriers to trade flows

FX reserves may rise in H2FY23: All debt repayments on track, says SBP governor

Saudi Arabia, China sign strategic deals

‘Country of Particular Concern’: Pakistan conveys its concerns to US

765kV DC transmission lines: FD asks PD to take action on award of contract

Cabinet approves restoration of 11 revoked POL exploration licences

Amendments to power plants’ documents,transition from USD Libor benchmark to SOFR: MoF urges PD to nominate body as focal point

Consignments of imported soybean feed: FTO may issue release order today

Pharma supplies: KTBA urges FBR to revisit clarification about ‘further tax’