MVP says Dennis Uy venture a gateway to China National Oil

Warren de Guzman, ABS-CBN News

Posted at Nov 28 2018 12:10 PM

MANILA -- Businessman Manuel V. Pangilinan said Wednesday he partnered with Dennis Uy to take part in the Davao tycoon's gas project with a state-owned Chinese firm.

Pangilinan said he would be "interested to participate" in Uy's liquefied natural gas project with China National Offshore Oil Corp.

"Meralco would have to get involved. So that is why we must get involved. We might as well get in at the ground level," Pangilinan, who chairs Meralco, told reporters.

A feasibility study on the LNG project was done by CNOOC and is awaiting approval from the Philippine government, Pangilinan said.

In October, PXP Energy, also chaired by Pangilinan, said Uy's Dennison Holdings would subscribe to 340,000,000 PXP shares at P11.85 apiece.

PXP Energy, which is seeking talks with CNOOC for potential joint exploration in the South China Sea, will use proceeds from the share sale to "fund its exploration activities and other oil assets within the Philippines and in Peru," according to the Oct. 25 disclosure.

Dennison will hold 14.78 percent of PXP Energy after the transaction.

On Wednesday, Pangilinan said Uy made a "commitment" to the minority stake in PXP Energy.

Asked about Uy's consortium with China Telecom competing with PLDT, Pangilinan said: "It’s a happy bunch. That’s the way it goes."