BHP Billiton to Sell Pakistan Gas Business

BHP Billiton would be selling its Pakistan gas business to a unit of the Hashoo Group, a local conglomerate, for an undisclosed sum, Reuters reported Monday citing a company statement.

The transaction is expected to close in the fourth quarter and is subject to local regulatory approval.

The Australian company is the operator of Zamzama gas field and processing plants. The Zamzama field represents BHP Billiton’s first commercial production in Pakistan.

BHP Petroleum (Pakistan) Pty Ltd has a 38.50 per cent interest in the Zamzama field. Other stake holders are Government Holdings (Private) Ltd, PKP Exploration Ltd (a jointly owned company between Kufpec and Premier Oil) and ENI Pakistan.