Hubco acquires Eni operations in Pakistan

Hubco acquires Eni operations in Pakistan

KARACHI: The Hub Power Holding Limited on Monday announced to acquire all upstream operations of Eni in Pakistan.

In an information shared by the Pakistan Stock Exchange (PSX), the it said that the Hub Power Company Limited (HUBCO) together with ENI’s local employees (in a 50:50 joint venture) has executed definitive agreements to acquire all upstream operations in Pakistan of Eni and renewable energy assets owned by Eni in Pakistan.

By way of background, Eni is global energy company, which has been operating in Pakistan since the year 2000 in the exploration and production sector.

The company said that the transactions is subject to requisite compliance with applicable legal and regulatory processes and approval from competent authorities.

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