MANILA - Prime Infrastructure Capital Inc said its subsidiary has completed the acquisition of the 45-percent operating stake in Malampaya gas project operator.
The Enrique Razon-led firm said in a statement it has assumed full ownership of Shell Philippines Exploration B.V (SPEX).
It plans to rename the operator Prime Energy Resources Development B.V. (Prime Energy), Prime Infra said.
“The Malampaya asset begins a new chapter today as we continue to build on the legacy of this world-class installation in helping achieve national energy security and independence,” said Prime Infra Chairman Enrique Razon, Jr.
Prime Infra said it has established a team of experts while some 300 SPEX employees will join the Prime Infra group, it said.
The Department of Energy earlier approved Prime Infra's bid for the Malampaya operator citing its technical, financial and legal qualifications.
Dennis Uy's Udenna Corp made the same bid earlier but has faced criticisms.
Prime Infra President and CEO Guillaume Lucci said they would work on securing a license for the extension of the Malampaya project whose license is set to expire in 2024.
Malampaya powers up to 20 percent of Luzon's total electricity requirements, Prime Infra said.