The Power division has demanded and undertaking from Hub Power Holdings Limited (HPHL) in favour of M/s Prime International Oil and Gas Company Limited (PIOGCL) for sale of Eni Pakistan Ltd to the PIOGCL.
According to sources Directorate General of Petroleum Concession (DGPC) has asked the MD Eni Pakistan Limited to provide the undertaking on a judicial stamp paper because if the PIOGCL fails in meeting its obligations/financing with regard to acquisition price and running of operations in future, the HPHL will provide all such financial support of the PIOGCL unconditionally including EBO’s group share.
After fulfilling the procedural requirement, the matter pertaining to change of control of Eni Pakistan Limited to the PIOGCL will be presented before the federal cabinet for necessary approval. It has been further revealed that Eni UK Limited and Eni Oil Holdings BV (Vendor) had earlier entered into a sale purchase agreement with Prime International Oil & Gas Limited (purchaser) for the sale of entire share capital of its subsidiary company (Eni Pakistan Limited).
