“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). “We believe there is a lot of potential in the development of the indigenous oil and gas exploration industry,” Mansoor said. The country is has a dire need to develop indigenous oil and gas exploration sector to reduce its reliance on imported fuels. At present, Hubco operates oil and coal-fired power plants and is an equity holder with Engro and the government of Sindh’s coal mining operations in Tharparkar. Eni’s business in Pakistan is organised under three legal entities; Eni Pakistan Limited, Eni AEP Limited and Eni Pakistan M Limited SARL, and its new energy business which is organised under Eni New Energy Pakistan (Pvt) Ltd.

Source: The Express Tribune March 09, 2021 04:07 UTC