Dennis Uy's Udenna completes acquisition of Chevron's Malampaya stake

ABS-CBN News

Posted at Mar 11 2020 03:54 PM

MANILA - Udenna Corp has completed its acquisition of Chevron Malampaya which holds a 45-percent interest in the Malampaya gas project, the Dennis Uy-led firm said on Wednesday. 

Udenna bought Chevron's shares in November last year, subject to regulatory approval. Uy also controls oil retailer Phoenix Petroleum.

The Philippine Competition Commission said on Jan. 22 that it had cleared the acquisition. 

"This strategic move enables Udenna to become a joint venture partner in an energy asset of national significance," Udenna said in a statement. 

Malampaya is operated by Shell Philippines Exploration BV with a third joint-venture partner, Philippines National Oil Company (PNOC). 

Uy said Udenna considered "immense potential in natural gas, the fuel of the future." 

Malampaya supplies natural gas to 5 power plants in Luzon, which together generate over 3,200 megawatts of power.