Prime to buy 100pc of Eni’s business

KARACHI: The Prime International Oil and Gas Company Limited (Prime) has made an agreement to acquire 100 percent of Eni’s business in Pakistan to reduce the country’s reliability on imported gas and oil.

In a statement to the bourse on Thursday, Hub Power Company Limited (Hubco) announced that Prime, a 50-50 joint venture between Hub Power Holdings Limited (a fully owned subsidiary of Hub Power Company Limited) and the Eni’s Employee Buy-out Group, entered into four sale purchase agreement with Eni International BV, Eni Oil Holdings BV, Eni UK Limited and Eni ULX Limited for the purpose of acquiring Eni’s business in Pakistan.

Eni, a global energy company, has been operating in Pakistan in the exploration and production sector for more than a couple of decades.

Prime would buy 100 percent shareholdings of Eni Pakistan Limited, Eni AEP Limited, Eni Pakistan (M) Limited and Eni New Energy Pakistan (Private) Limited from the selling entities.

“The change of control in respect of the Eni Transaction has been approved by the federal cabinet and the director general petroleum concessions along with other relevant authorities,” said the information. “Completion of the Eni transaction will be achieved pursuant to the requisite regulatory process.”

“It is a landmark achievement for the Hub Power Company as we have now completed another step towards diversification of our portfolio, maximising the value for our shareholders and delivering on our commitments,” said the company secretary. “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.”