Dennis Uy’s Udenna Corp. acquires Chevron’s 45% Malampaya stake
MANILA, Philippines — Dennis Uy-led Udenna Corp. announced Wednesday it acquired Chevron Philippines Ltd.’s 45% stake in the $4.5 billion Malampaya deep water-gas-to-power project, continuing the expansion of the Davao-based businessman’s empire.
In a statement, Udenna said its subsidiary UC Malampaya Philippines Pte. Ltd. bought 100% of the shares of Chevron Malampaya LLC, which holds Chevron Philippines’ non-operated interest in Malampaya.
The deal was the culmination of 12 months of talks between the two companies, Udenna said.
“The acquisition of Chevron’s interest in the Malampaya gas field marks an important milestone for Udenna, fitting strategically with our long-term ambitions of developing sustainable clean energy business in the Philippines,” Uy — who ranked on Forbes magazine’s list of wealthiest Filipinos — said.
Commissioned in 2001, the Malampaya gas field offshore Palawan supplies all of the Philippines’ current natural gas. But it is forecast to be nearly depleted by 2024.
Malampaya is operated by Shell Philippines Exploration BV, with the third joint-venture partner being the state-run Philippines National Oil Company.
The STAR earlier this week reported that aside from Udenna, The MVP Group was also interested in Chevron Philippines’ Malampaya stake.
Udenna has a diverse range of companies under its control. Uy has been transforming his Phoenix Petroleum into a major energy player. — Ian Nicolas Cigaral with a report from The STAR/Iris Gonzales
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