United Energy completes BP Pakistan assets acquisition

KARACHI: The process of shifting ownership of BP’s assets to the United Energy Pakistan Limited (UEPL) was completed on Friday, the acquirer said in a statement on Saturday.

“The necessary government and regulatory approvals have been obtained in order for the transition to take effect. UEPL is registered in Pakistan with Securities and Exchange Commission Pakistan as a branch.”

All employees of BP Pakistan have been extended contracts of employment on the same material terms and conditions that they have been working on with BP, it said.

UEPL is the subsidiary of United Energy Group (UEG), a Hong Kong listed company. The company is primarily engaged in the upstream oil and gas business, including exploring, development and production of crude oil and natural gas and the provision of patented technologies in oilfield supporting services in China and Indonesia.

The company has a joint venture partnership with China National Petroleum Company (CNPC) in one of its energy projects in China.

UEG is also currently evaluating several projects in North America, South America and Central Asia, the statement said. The acquisition of the BP assets is its first venture in Pakistan.

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