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Eni’s withdrawal from Pakistan aligns to the company s broader strategy of reshaping and simplifying its portfolio, extracting additional value from its strategic assets and disposing of non-core businesses as per its four-year strategic plan.
The operator on Tuesday reached agreement to sell its Pakistan assets to Prime International - a newly established company formed by a team of Eni’s local ex-employees and Hub Power Company, Pakistan’s largest independent power producer (IPP).
The novel company will acquire assets from Eni including interests in eight development and production leases in the Kirthar fold belt and the Middle Indus basins and four exploration licences in the Middle Indus and the Indus offshore basins.
Italian energy company Eni headquarters is seen in Rome, Italy September 30, 2018. Reuters
LAHORE: The Italian energy company, Eni, has sold its assets in Pakistan to Prime International Oil & Gas Company, a newly established joint venture (JV) between its local employees and Hub Power Company, in line with its 2021-24 business plan to dispose of its non-key assets to raise cash after the global downturn triggered by the Covid-19 pandemic and to move towards cleaner fuels.
A statement posted by the oil and gas exploration firm on its website said the sale of its Pakistani assets aligned to its wider strategy of reshaping and simplifying the company’s portfolio, extracting additional value from its strategic assets and disposing non-core business as per its four-year strategic plan.
Eni sells Pakistan assets to Prime
Italy’s Eni has sold its Pakistan business to Prime International Oil & Gas Company as part of a plan to streamline its upstream portfolio to focus on strategic assets.
Updated: 10/03/2021, 4:17 am
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Italy’s Eni has sold its Pakistan business to Prime International Oil & Gas Company as part of a plan to streamline its upstream portfolio to focus on strategic assets.