Razon's Prime Infra completes acquisition of Malampaya operator | ABS-CBN

Welcome, Kapamilya! We use cookies to improve your browsing experience. Continuing to use this site means you agree to our use of cookies. Tell me more!
Razon's Prime Infra completes acquisition of Malampaya operator
Razon's Prime Infra completes acquisition of Malampaya operator
ABS-CBN News
Published Nov 02, 2022 09:59 AM PHT

MANILA - Prime Infrastructure Capital Inc said its subsidiary has completed the acquisition of the 45-percent operating stake in Malampaya gas project operator.
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).
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.
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.
“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.
ADVERTISEMENT
Prime Infra said it has established a team of experts while some 300 SPEX employees will join the Prime Infra group, it said.
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.
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.
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.
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.
Malampaya powers up to 20 percent of Luzon's total electricity requirements, Prime Infra said.
RELATED VIDEO:
ADVERTISEMENT
ADVERTISEMENT