The Competition Commission of Pakistan (CCP) has approved Petroleum Exploration (Private) Limited (PEL) for the acquisition of shareholdings in three PKP Group companies: PKP Kirthar B.V., PKP Exploration II Limited, and PKP Kadanwari Limited.
The shares are being acquired from KUFPEC Pakistan Holdings B.V.
The CCP’s decision follows a comprehensive Phase-I review under Section 11 of the Competition Act, 2010, and the Competition (Merger Control) Regulations, 2016. The regulator concluded that the proposed transactions would not create or strengthen a dominant position in Pakistan’s upstream oil and gas exploration and production market.
According to the CCP, the combined market share of PEL and the acquired entities remains minimal in oil and condensate production. The transactions represent a change in shareholding structure rather than a significant shift in market structure or competition.
The acquisition is expected to improve operational efficiency, support resource development, and contribute to sustained domestic energy production, all without negatively impacting market competition.
The CCP has authorized each transaction under Section 31(1)(d)(i) of the Competition Act, 2010.