KARACHI: Italian oil and gas group ENI, in a push to exit Pakistan after 20 years, has sold its assets to a joint venture comprising its local employee and the Hub Power Company Limited (HUBCO), the company said this week.
The move by ENI, which supplied three million cubic meters of natural gas a day to Pakistan in 2018, underlines the chronic problems facing the country, where a deep energy crisis has hampered economic development for years.
HUBCO and ENI could not be reached for comment, but in a material disclosure on the Pakistan Stock Exchange, HUBCO said: “We hereby inform you that Hub Power Holdings Limited (“Company”), 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.”
The ENI website says the company has been in Pakistan since 2000 in the exploration and production, and gas and power sectors, but its local development support in the country began in the 1970s.
ENI, one of seven “supermajor” oil companies in the world, is also one of the largest gas producers in Pakistan, actively engaged in the Bhit, Badhra and Kadanwari oil and gas exploration fields which generate 75 percent of its revenue in Pakistan.
Though officially the amount of the deal, to be finalized in three months, has not yet been disclosed, industry insiders say it is likely to fall between $160-$189 million.
It was reported in 2020 that ENI was divesting its upstream business in Pakistan, which is currently being conducted through three entities: ENI Pakistan Limited, ENI AEP limited and ENI Pakistan M limited. Insiders say the listed exploration and production companies (E&Ps) may opt to buy these assets.
ENI is currently reviewing its exploration and production portfolio and leaving or downsizing operations in countries where it has a small presence with few opportunities to grow or where development is too long and complicated.
It is working to sell assets in Australia where it aims to keep control of its solar business as it looks to meet aggressive renewable energy targets.
Last year, ENI unveiled one of the most ambitious clean-up drives in the oil industry when it pledged to slash its greenhouse gas emissions by 80%.
Apart from its global consolidation plan, analysts believe setbacks in offshore exploration may be one reason for ENI’s exit from Pakistan.
“The failure to discover oil and gas reserves in the Arabian Sea was a setback to the companies involved and it could also be one of the reasons that ENI is departing from Pakistan,” Samiullah Tariq, director research at Pakistan Kuwait Investment, said. “Usually when foreign companies exit, locals get relatively favorable valuations.”
Italian oil giant ENI to exit Pakistan after 20 years
https://arab.news/5sxny
Italian oil giant ENI to exit Pakistan after 20 years
- Reasons for exit are global consolidation plan and setbacks in offshore exploration, analysts say
- Industry insiders say exit deal amount likely to fall between $160-$189 million
Pakistan, Zimbabwe ODI cricket series begins today in Bulawayo
- Pakistan will play three ODI and three T20I matches against Zimbabwe from Nov. 24 to Dec. 5
- Skipper Mohammad Rizwan to lead Pakistan while Zimbabwe will be captained by Graig Ervine
ISLAMABAD: Pakistan and Zimbabwe are set to begin their three-match One Day International series in Bulawayo’s Queens Sports Club from Nov. 24 to Nov. 28, the Pakistan Cricket Board (PCB) said in a statement on Saturday, with the Green Shirts all pumped up following their recent ODI series win against Australia.
Pakistan’s 15-member squad led by captain Mohammad Rizwan reached Zimbabwe last week after defeating Australia 2-1 down under earlier this month. The Pakistani players have held three practice sessions ahead of the Zimbabwe series.
“Pakistan and Zimbabwe will lock horns in a three-match ODI series followed by as many T20Is at the Queens Sports Club in Bulawayo from Nov. 24 to Dec 5,” the PCB said.
“In the 15-member squad Arafat Minhas, Babar Azam, Naseem Shah and Shaheen Shah Afridi have been replaced with the uncapped duo of Abrar Ahmed and Ahmed Daniyal along with pacer Shahnawaz Dahani and Tayyab Tahir.”
It highlighted that the ODI series against Zimbabwe was former pacer and National Men’s Selection Committee member Aqib Javed’s first assignment as the white-ball head coach.
“Pakistan and Zimbabwe last faced each other in the 50-over format in November 2020 in Rawalpindi where Pakistan beat the visitors 2-1,” the PCB added. “Pakistan, on their last visit to Zimbabwe, whitewashed the Chevrons in a five-match ODI series in July 2018.”
Pakistan’s ODI captain termed the Zimbabwe series as “equally important” as the upcoming International Cricket Council Champions Trophy 2025 tournament.
“We aim to test out our bench strength and plan toward the upcoming ICC Champions Trophy 2025 at home,” Rizwan said. “With the help of the Almighty, we aim to keep the winning momentum from our last ODI series going.”
“With the trio of our main players resting up after the Australia series, it will be exciting to see other players putting their hands up and helping the team at various times during the 50-over contests,” he continued.
“Having played against the home team various times, we do expect them to put up challenges for us during the three ODIs but crucially this series will also test out temperament in terms of backing up a historic win in Australia.”
Pakistan ODI squad: Mohammad Rizwan (captain), Abrar Ahmed, Aamir Jamal, Abdullah Shafique, Ahmed Daniyal, Faisal Akram, Haris Rauf, Haseebullah, Kamran Ghulam, Mohammad Hasnain, Muhammad Irfan Khan, Salman Ali Agha (vice-captain), Shahnawaz Dahani, Saim Ayub, and Tayyab Tahir
Zimbabwe ODI squad: Craig Ervine (captain), Brian Bennett, Blessing Muzarabani, Brandon Mavuta, Clive Madande, Dion Myers, Faraz Akram, Joylord Gumbie, Richard Ngarava, Sean Williams, Sikandar Raza, Tadiwanashe Marumani, Tashinga Musekiwa, Tinotenda Maposa and Trevor Gwandu.
Schedule of matches:
24 Nov – 1st ODI vs Zimbabwe (12.30pm PST)
26 Nov – 2nd ODI vs Zimbabwe (12.30pm PST)
28 Nov – 3rd ODI vs Zimbabwe (12.30pm PST)
PM Sharif says nation stands with security forces after killing of militants amid surge in attacks
- PM says government is committed to eradicating militancy after security forces kill three in northwest
- The development comes amid rising violence in Pakistan that has witnessed deadly attacks recently
ISLAMABAD: Prime Minister Shehbaz Sharif said on Saturday the nation stands firmly with its security forces as the military announced the killing of three militants in two separate operations in the country’s northwest amid a sharp rise in violence.
Pakistan’s military also injured three combatants during intelligence-based operations conducted in Khyber and South Waziristan districts on Nov. 21-22.
According to the Inter-Services Public Relations (ISPR), two militants were killed in an operation in Bara, Khyber district, while another was killed and three injured during an attempt to infiltrate Pakistan from the Afghanistan border.
The ISPR reiterated Pakistan’s call for Afghanistan’s Taliban-led interim government to prevent its territory from being used for violent attacks against Pakistan, emphasizing the country’s commitment to securing its borders and eradicating militancy.
“The enemies of humanity will continue to face failure in their evil designs,” the prime minister said in a statement released by his office after the ISPR shared the information. “The entire nation stands shoulder to shoulder with the brave soldiers of our security forces in the fight against terrorism.”
Sharif added his government remains committed to eradicating militancy and ensuring the complete elimination of extremist violence in the country.
The ISPR’s announcement comes amid escalating violence in Pakistan’s northwestern Khyber Pakhtunkhwa (KP) province, which has witnessed multiple deadly attacks in the past week.
In the latest assault on Thursday, gunmen attacked vehicles carrying minority Shiite community members in KP’s Kurram district, triggering deadly sectarian clashes that have so far killed 64 people.
Prior to that, militants targeted a checkpost in KP’s Bannu district during the week, killing 10 army soldiers and two paramilitary Frontier Constabulary personnel.
Pakistan Army Chief General Asim Munir, during a visit to Peshawar on Friday, vowed decisive action against militant groups and emphasized the need for synchronized operations to dismantle militant networks.
Pakistan’s other western province of Balochistan has also seen a resurgence in militant activity this year.
On Tuesday, the prime minister chaired a meeting of civil and military leaders that approved a “comprehensive operation” to counter separatist insurgents in Balochistan.
The government’s latest actions underline Pakistan’s struggle to address growing instability along its borders and in remote regions, where a combination of militant activity and weak governance continues to pose significant challenges to security forces.
Punjab chief minister suspends top hospital officials over AIDS outbreak during dialysis
- Action comes after 25 patients in Multan contract AIDS due to reuse of disposable dialysis kits
- Maryam Nawaz visit Nishtar Hospital, emphasizes stricter compliance with medical protocols
ISLAMABAD: Punjab Chief Minister Maryam Nawaz has suspended six officials at Nishtar Hospital Multan, including the medical superintendent, for severe negligence that led to the spread of AIDS among dialysis patients, state media reported on Saturday.
According to local news outlets, the negligence involved reusing disposable dialysis kits and dialyzers, failing to conduct mandatory AIDS and hepatitis tests every three months and improper adherence to medical protocols.
Hospital officials acknowledged that 25 patients contracted AIDS after undergoing dialysis using equipment previously contaminated by infected individuals.
“Punjab Chief Minister Maryam Nawaz visited Nishtar Hospital Multan and suspended six officials, including MS Nishtar Hospital and the head of the nephrology department, on severe negligence,” Radio Pakistan reported.
“She took action against doctors and nurses for spreading AIDS during dialysis,” it added.
AIDS, caused by the human immunodeficiency virus (HIV), attacks the immune system and leaves individuals vulnerable to infections and certain cancers. In Pakistan, the social stigma surrounding HIV/AIDS has led to significant underreporting, with UNAIDS estimating approximately 290,000 people living with HIV in the country as of 2023.
According to Pakistan’s Geo TV, the chief minister inspected the hospital during her visit and criticized its poor compliance with standard operating procedures.
She described the situation as “criminal negligence” and expressed dissatisfaction despite the government’s allocation of resources to the health sector.
“It is unacceptable that patients who come to government hospitals for treatment end up contracting AIDS instead,” Geo quoted her as saying.
Public health facilities in Pakistan face a severe trust deficit, with many patients preferring private hospitals despite their high costs. Poor management, insufficient oversight and a lack of adherence to medical protocols continue to erode confidence in the public health care system.
The Punjab chief minister emphasized the need for stricter compliance with protocols and greater accountability for medical staff to prevent such incidents in the future.
She also inspected cardiology and other wards during her visit.
Authorities in Pakistan’s northwest push for ceasefire as Kurram clashes kill 64
- KP administration sends a high-level delegation to the restive region to consult local elders
- Provisional spokesman denies the delegation’s helicopter came under fire while landing
PESHAWAR: The death toll in days-long sectarian clashes in Pakistan’s northwestern Kurram district has risen to 64, authorities said on Saturday, as the provincial government of Khyber Pakhtunkhwa (KP) announced it was striving for a ceasefire and would develop its strategy to address the situation in consultation with local elders.
The violence in the restive tribal district bordering Afghanistan began on Thursday when gunmen attacked a convoy carrying members of the minority Shiite community, killing 41 people.
Clashes intensified over the next 24 hours, with sporadic gunfire reported in multiple areas of Kurram, leaving 23 more dead and at least 86 wounded, according to local officials.
“The provincial government is making serious efforts for a peaceful and sustainable resolution of the Kurram conflict,” KP Chief Minister Ali Amin Gandapur, who chaired a meeting via video link to discuss the situation, was quoted as saying in an official statement. “A ceasefire in the area is essential to move toward resolving the conflict.”
“The provincial government will formulate its plan of action in light of consultations and proposals from local elders,” he added.
Earlier in the day, the KP administration dispatched a high-level delegation to Kurram to assess the situation and engage with tribal leaders. Local media widely reported that the delegation’s helicopter came under fire while landing, a claim the provincial authorities denied as “baseless.”
“We landed safely and held meetings with tribal elders and officials of the district administration in Kurram,” said provincial government spokesman Muhammad Ali Saif in a video statement. “There was no such incident [of firing on the helicopter].”
Former parliamentarian Sajid Hussain Turi, who was part of the delegation, also dismissed the reports as “propaganda,” urging media outlets to verify information before circulating.
The delegation met with Shia elders in Parachinar, the district’s main town, to seek proposals for ending the violence and is scheduled to meet Sunni elders in Sadda on Sunday, officials said.
The clashes mark one of the deadliest incidents in Kurram in recent years, following outbreaks of sectarian violence in July and September that killed dozens.
Gandapur described Friday’s attacks as “deeply regrettable and condemnable” and said the government would fulfill any legitimate demands from both sides to prevent further bloodshed.
“Establishing peace in the region is currently the provincial government’s top priority,” he added.
Shop owners in Parachinar have announced a three-day strike in protest against the violence, as residents report an atmosphere of fear and uncertainty across the district.
Pakistan’s anti-terror body warns of militant threat to opposition protest in Islamabad
- NACTA alert says Taliban militants have entered Pakistan, may target Imran Khan’s party rally
- PTI has urges people to join Sunday’s protest in the capital to secure Khan’s release from prison
KARACHI: Pakistan’s National Counter Terrorism Authority (NACTA) has warned of potential militant attacks targeting former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party’s protest march, according to a classified alert shared with provincial officials earlier this week.
The alert, issued on Thursday but revealed in the media on Saturday, cited intelligence from “multiple sources” indicating that militants belonging to the banned Tehreek-e-Taliban Pakistan (TTP) had entered Pakistan from Afghanistan and infiltrated major cities.
Referring to the TTP as “Fitna Al Khawarij (FAK),” the alert warned that its fighters could target participants of the PTI protest.
“Sources have confirmed that FAK elements are planning to conduct such activities in public/political gatherings; most likely upcoming PTI protest/march as opportunity to exploit for their vested interest,” the alert, in possession of Arab News, said.
A senior NACTA official, speaking on condition of anonymity, confirmed its authenticity.
The PTI has called on its followers to march on Islamabad on Sunday to demand Khan’s release, as he has been imprisoned for over a year.
The march also aims to protest alleged electoral manipulation in February’s general elections and to highlight concerns over judicial independence, which the government has denied.
The Taliban have not officially responded to the alert regarding their potential involvement in attacks. However, the militant group has previously maintained that it has a policy of not targeting ordinary citizens.
The government has already urged the PTI to call off the protest, citing an Islamabad High Court ruling that instructed authorities to engage with the party and ensure no disruptions in the capital ahead of a major foreign delegation visit next week.
According to Pakistan’s foreign office, Belarusian President Aleksandr Lukashenko will arrive in Islamabad on a three-day visit starting Monday to discuss economic collaboration between the two countries.
