Hub Power Holdings Limited ready to explore the Oil and Gas sector in Pakistan

Karachi (Muhammad Yasir) Hub Power Holdings Limited (HPHL), a wholly owned subsidiary of 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 the upstream operations in Pakistan of ENI and renewable energy assets owned by ENI in Pakistan. By way of background, ENI is a global energy company, which has been operating in Pakistan since the year 2000 in the Exploration & Production.

Through this transaction, Hubco, which is the first and largest IPP in Pakistan, will diversify its portfolio by entering the Exploration & Petroleum Sector. At the moment, Hubco has a combined installed power generation capacity of nearly 3,000 MW, through its existing power plants and its holdings in Joint Ventures. Additionally, Hubco has a majority stake in 2 more under construction power plants in Thar, with a power generation capacity of 330MW each. Hubco is the only power producer in Pakistan with investments in 4 projects listed under CPEC, valued at approximately $4billion. Moving forward, Hubco is looking to explore opportunities in diversified areas including water, renewable energy, upstream oil & gas, mining and infrastructure.