NextGen Day

MANILA, Philippines — Enrique Razon Jr.’s infrastructure company Prime Infra Holdings Inc. announced Thursday that it is buying a controlling stake in Dennis Uy’s Udenna Corp. in the Malampaya gas field.

“The acquisition procedure has begun and will conclude with the approval of several stakeholders, including the Department of Energy (DOE) and the Philippine National Oil Company Exploration Corporation,” says the statement (PNOC-EC). Within that time frame, the deal will also go through various regulatory and banker approvals,” Prime Infra said in a statement.

Prime Infra has yet to reveal the financial terms of the deal, but it has stated that it will own a controlling position in the Malampaya gas field.

Razon’s company claims that its involvement in the Malampaya gas field project aims to boost investment in the country’s most important source of energy.

“Malampaya’s service contract is set to expire in 2024, making Prime Infra’s entry critical to be able to continue operating the project while applying for an extension so it can invest in its expansion, sustaining the economic and social benefits that Malampaya is providing for the country,” Prime Infra said.

It goes on to say that the transition of Malampaya’s operations is “critically important” for Prime Infra and Udenna to prepare for the gas field’s growth so that it may continue to generate natural gas to meet the country’s electricity demands.

“Natural gas is a critical transition fuel, and the modern, state-of-the-art infrastructure built to harness this valuable transition fuel drew us to pursue this deal – all aspects of the project tick off our environmental, social, and governance (ESG) check list, allowing us to contribute more to the country’s transition from expensive and volatile coal and imported fuel prices to affordable cleaner and domestic energy resources like natural gas,” Razon explained.

Through its subsidiary UC Malampaya Pte. Ltd., Udenna purchased a 45 percent stake in Chevron Malampaya LLC in 2019. After two years, Malampaya Energy, another Udenna entity, purchased a 45 percent share in Shell Philippines Exploration B.V.

Last year, a Senate probe looked into Udenna’s purchase of Chevron and Shell interests in Malampaya, which the DOE claims is causing delays in the work program and jeopardizing energy security.

“Bringing in Filipino enterprises to manage the reins of a crucial power infrastructure creates a sense of ownership in achieving national energy independence, and this is what Prime Infra hopes to do with our participation in Malampaya.” “As long as the terms of the operating license and the natural resources permit,” Razon stated, “we will invest and support domestic gas development and production.”

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