MANILA, Philippines – Dennis Uy‘s Udenna Corporation, through its subsidiary UC Malampaya Philippines, completed the acquisition of Chevron Malampaya LCC.
Uy now holds a 45% non-operating interest in the Malampaya natural gas project. Udenna did not disclose the amount of the deal.
Malampaya services around 30% of the national demand for electricity, providing energy to 5 power plants in Luzon with a combined capacity of 3,200 megawatts.
“We see immense potential in natural gas, the fuel of the future, and we are optimistic and excited to bring its full benefits to Filipinos. Taking a long view, this new milestone moves us closer to Udenna’s vision of being an indispensable partner in nation building,” Uy said in a statement.
Uy joins Shell and the Philippine National Oil Corporation for the project. Shell has the operating stake.
Uy was able to beat Manny Pangilinan to the deal. Pangilinan earlier expressed interest in getting into the consortium through PXP Energy. – Rappler.com