Business NEWS

Year-ender

Diversifying conglomerate San Miguel Corporation indicated that it is still weighing in if it will pursue its intent to join the bidding for the 45-percent stake of Shell Philippines Exploration B.V. (SPEX) in the multi-billion Malampaya deep-water-gas to power project.

Anchoring it on the ‘right to match’ provision of the joint operating agreement (JOA) under Service Contract (SC) 38, Energy Secretary Alfonso G. Cusi indicated that Udenna Corporation of businessman Dennis Uy may likely have an edge in acquiring the 45-percent stake being unloaded by Shell Philippines Exploration B.V. (SPEX) in the Malampaya gas field asset.

As the government is keen on evaluating the joint venture deal proposed by Davao businessman Dennis A. Uy, Energy Secretary Alfonso G. Cusi indicated that they will start studying the ‘buyout proposal’ for the 45-percent majority interest of Shell Philippines Exploration B.V. (SPEX) in the Malampaya gas field venture.

American energy giant Chevron Corporation packed its bags out of the country early this year after finalizing the sale of its 45% stake in Malampaya to Filipino businessman Dennis Uy.

The Philippine government has officially confirmed the planned sale of the 45-percent interest of Shell Philippines Exploration B.V. (SPEX) in the $4.5 billion Malampaya deep water gas-to-power project.

The Philippine upstream subsidiary of Royal Dutch Shell plc is planning to sell its 45-percent stake in the US$4.5 billion Malampaya deep water gas-to-power project if it can corner enticing offer from prospective takers.