HUBCO to acquire Eni’s upstream operations
Executes agreements in joint venture with employees of Italian company
PHOTO: HUBCO
KARACHI:
Eni, the Italian oil and gas exploration firm, has finally ended its 20-year of journey in Pakistan, as it agreed on a price to sell its local businesses to a joint venture of diversifying Hub Power Company (Hubco) and Eni employees, according to a bourse filing on Monday.
“The Hub Power Company together with Eni’s local employees (in 50:50 joint venture) has executed definitive agreements to acquire all the upstream operations in Pakistan of Eni and renewable energy assets owned by Eni in Pakistan,” Hubco Company Secretary Sohail Kassamali said in a notification to Pakistan Stock Exchange (PSX).