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, has completed the acquisition of 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 to the Pakistan Stock Exchange (PSX) on Friday.

“We are pleased to inform you that, subject to requisite regulatory processes, the Eni Transaction (acquisition of Eni’s business in Pakistan) has now been completed,” stated the notice.

Last month, it was learnt that Prime 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.

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 back then 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.

Meanwhile, Hubco in its notice on Friday said that the successful completion of the Eni Transaction is a “further testimony of our commitment to continuous growth, diversification of our portfolio and maximizing value to our shareholders”.

“Through Prime, the Hub Power Company will further develop critical indigenous fuel sources for the country and work towards optimum utilization of our natural resources.

“This will help in reducing the country’s reliance on imported fuel sources,” added the notice.

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 2000 in the exploration and production sector.