Dennis Uy's Udenna completes acquisition of Chevron's Malampaya stake | ABS-CBN
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Dennis Uy's Udenna completes acquisition of Chevron's Malampaya stake
Dennis Uy's Udenna completes acquisition of Chevron's Malampaya stake
ABS-CBN News
Published Mar 11, 2020 03:54 PM PHT
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.
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.
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.
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.
"This strategic move enables Udenna to become a joint venture partner in an energy asset of national significance," Udenna said in a statement.
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Malampaya is operated by Shell Philippines Exploration BV with a third joint-venture partner, Philippines National Oil Company (PNOC).
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."
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.
Malampaya supplies natural gas to 5 power plants in Luzon, which together generate over 3,200 megawatts of power.
Read More:
Dennis Uy acquisition
Dennis Uy Malampaya
Dennis Uy
Udenna Corp
Malampaya Gas Project
natural gas
energy
Shell Philippines
PNOC
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