Friday, 28 January 2022

Italy’s Eni mulls exiting Pakistan after 20 years

Reuters Photo

MELAN: After about 20 years of operations in Pakistan, Italy’s Eni SpA is mulling to sell its energy exploration and production assets in the country.

Eni is working with a financial adviser to gauge interest in the portfolio, said people who asked not to be identified as the information isn’t public.

According to Bloomberg, the disposal includes Eni’s producing assets in Bhit, Badhra and Kadanwari, as well as its processing facilities and several non-operating assets. It includes four exploration leases and eight development and production leases.

As of 2019, Eni produces 37 billion cubic feet of natural gas annually in Pakistan, according to its website. The company in 2019 opened a photovoltaic plant there, which will produce about 20 gigawatt-hours per year, the website shows.

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