Prime International Oil & Gas Company to Acquire Eni Pakistan Limited

A Joint Venture (JV) between Hub Power Holdings Limited and Eni’s Employee Buy-out Group is acquiring 100 percent shareholding of Eni Pakistan Limited.

According to a stock filing, Prime International Oil and Gas Company Limited (Prime) – a 50-50 Joint Venture between Hub Power Holdings Limited and the ENI Employee Buy-out Group – has 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.

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The transaction involves prime purchasing of 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, read the filing.

“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,” the statement read.

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

The change of control in respect of the ENI Transaction has been approved by the federal cabinet and Director General Petroleum Concessions along with other relevant authorities. Completion of the transaction will be achieved pursuant to the requisite regulatory process.