Hub Power acquires ENI’s upstream operations

KARACHI: Hub Power Holdings Limited (HPHL), a wholly-owned subsidiary of the Hub Power Company Limited (HUBCO),

together with ENI’s local employees (in a 50:50 joint venture), has executed

definitive agreements to acquire all the upstream operations and renewable energy assets owned by ENI in Pakistan, a bourse filing said.

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

Through this transaction, Hubco, which is the first and largest IPP in Pakistan, will diversify its portfolio by entering the exploration and petroleum sector.

At the moment, HUBCO has a combined installed power generation capacity of nearly 3,000MW, through its existing power

plants and its holdings in joint ventures, it added.

Additionally, HUBCO has a majority stake in two more under construction power plants in Thar, with a power generation capacity of 330MW each.

HUBCO is the only power producer in Pakistan with investments in four projects listed under CPEC, valued at approximately $4 billion.

“Moving forward, Hub Power Company Limited is looking to explore opportunities in diversified areas, including water, renewable energy, upstream oil and gas, mining, and infrastructure,” the company statement said.