The chairman of the House Committee on Strategic Intelligence on Sunday said he sees no hurdle to Philippine ports and gaming tycoon Enrique Razon Jr.’s takeover of the Malampaya deepwater gas-to-power project from Dennis Uy’s Udenna Corp. Know more:
The chairman of the House Committee on Strategic Intelligence on Sunday said he sees no hurdle to Philippine ports and gaming tycoon Enrique Razon Jr.’s takeover of the Malampaya deepwater gas-to-power project from Dennis Uy’s Udenna Corp.
“These transfers of operating and/or participating interests in petroleum service contracts are private commercial transactions involving the sale of investments between corporations.” Prime Infra Holdings, Inc., led by Razon, is acquiring a controlling stake in the Malampaya deep-water gas-to-power project from Uy’s Udenna Corp.
Uy’s UC38LLC has a 45-percent stake in the gas project. UC38 bought its Malampaya interest from Chevron Malampaya. Moreover, Pimentel said Razon, through publicly listed Apex Mining Co., also has a 30-percent participating interest in the other petroleum service contract that contains the Sampaguita gas discovery located 250 kilometers southwest of Malampaya.