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.
Eni exits Pakistan, sells assets to local JV - Newspaper dawn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dawn.com Daily Mail and Mail on Sunday newspapers.
Provided by Dow Jones By Giulia Petroni Eni SpA said Tuesday that it has signed an agreement to sell its assets in Pakistan to Prime International Oil & Gas Co. for an undisclosed sum. The Italian oil-and-gas major said this includes interests in eight development and production leases in the Kirthar Fold Belt and the Middle Indus Basins, as well as four exploration licenses in the Middle Indus and the Indus Offshore Basins. The agreement is in line with Eni s plan to reshape and simplify its portfolio as part of its strategy for 2021-24, the company said. Prime International Oil & Gas Co. is formed by former Eni s local employees team in Pakistan and Hub Power Co., the largest independent power producer in the country.
Eni Sells Pakistan Assets rigzone.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rigzone.com Daily Mail and Mail on Sunday newspapers.