Transfer complete: United Energy gets hold of BP Pakistan assets
Company plans to keep the same management.
KARACHI:
Ten months after announcement of the sale, transfer of BP assets to United Energy Pakistan Limited (UEPL) was finally completed on Friday.
The necessary government and regulatory approvals have been obtained in order for this transition to take effect, says a statement issued by UEPL on Saturday.
The transaction had run into some delays including the Federal Board of Revenue which expressed concerns over transfer of money between the two companies abroad. United Energy Group, the parent company, announced in December 2010 that it was acquiring BP assets in Pakistan for $775 million.
Contracts of all employees of BP Pakistan have been extended on the same terms and conditions, adds the statement. The company plans to keep management and working culture unchanged of the asset.
The company now controls nine producing and exploration blocks in Sindh province and four offshore exploration blocks in the Arabian Sea.
Published in The Express Tribune, September 18th, 2011.
Ten months after announcement of the sale, transfer of BP assets to United Energy Pakistan Limited (UEPL) was finally completed on Friday.
The necessary government and regulatory approvals have been obtained in order for this transition to take effect, says a statement issued by UEPL on Saturday.
The transaction had run into some delays including the Federal Board of Revenue which expressed concerns over transfer of money between the two companies abroad. United Energy Group, the parent company, announced in December 2010 that it was acquiring BP assets in Pakistan for $775 million.
Contracts of all employees of BP Pakistan have been extended on the same terms and conditions, adds the statement. The company plans to keep management and working culture unchanged of the asset.
The company now controls nine producing and exploration blocks in Sindh province and four offshore exploration blocks in the Arabian Sea.
Published in The Express Tribune, September 18th, 2011.