Tug-o-war? MVP, SMC among interested in Shell’s Malampaya stake

Power Phil 01

Corporate rivals Manny V. Pangilinan and Ramon S. Ang may be going head-to-head again, this time in the energy arena, as Pangilinan’s MVP Group and Ang’s San Miguel Corporation (SMC) have expressed interest in Shell’s 45% stake in the Malampaya natural gas project.

The MVP Group, which has the Manila Electric Company, PXP Energy Corporation, and Global Business Power Corporation among its energy assets, is looking at the potential purchase as part of its long-term business goals. The group, however, the has yet to make a formal offer.

Meanwhile, SMC has confirmed its interest in buying Shell’s Malampaya share, based on its disclosure to the Philippine Stock Exchange. SMC owns Petron, the country’s largest petroleum company.

A foreign group that includes Chinese companies is reportedly also interested in acquiring Shell’s stake in Malampaya.

Shell Philippines Exploration B.V. announced last week the sale of its share in the offshore project, as part of a strategy for the Shell companies in the Philippines to become stable long-term.

Last year, Chevron sold its 45% stake in Malampaya to Udenna Corporation of Davao-based tycoon Dennis Uy. The Philippine National Oil Company controls the remaining ten percent.

Udenna and PXP Energy Corporation recently submitted their bids to the Department of Energy for exploration activities in the Recto Bank in the West Philippine Sea.

 

 

 

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