KARACHI: The board of directors of Siemens Pakistan Engineering Ltd (SPEL) has approved the sale and transfer of the company’s energy business segment to a non-affiliated Siemens Gamesa Renewable Energy (Pvt) Ltd for approximately Rs17.8 billion.

In a stock filing on Monday, SPEL said the net book value of energy business as at valuation date was approximately Rs17.61bn.

Adhi field goes operational Meanwhile Pakistan Petroleum Limited (PPL) has announced commencement of oil and gas production from Adhi South-9, a new development well drilled in Adhi Mining Lease which is operated by the company with 39 per cent working interest along with its joint venture partners, Oil and Gas Development Company Limited and Pakistan Oil Fields Limited with working interests of 50pc and 11pc, respectively.

Published in Dawn, October 15th, 2024