DOE begins reviewing Dennis Uy’s Malampaya purchase
- July 1, 2021
- 0
We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.
The cookies that are categorised as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ...
Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.
Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.
Performance cookies are used to understand and analyse the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Advertisement cookies are used to provide visitors with customised advertisements based on the pages you visited previously and to analyse the effectiveness of the ad campaigns.
The Department of Energy (DOE) said it is currently reviewing Dennis Uy-led Udenna Group’s purchase of Shell’s 45% stake in the Malampaya gas-to-power project.
In an interview on the ABS-CBN News Channel on Tuesday, Energy Sec. Alfonso Cusi said that the DOE is particularly reviewing if Udenna is technically and financially capable of handling the gas platform.
“It’s in process actually right now, so we have no decision on that yet,” Cusi said referring to his department’s review.
Udenna announced in May that it bought SPEX from Shell, which announced its intention to sell its stake in September 2020.
Assuming the DOE confirms Udenna’s latest purchase worth $460 million, the Uy-led firm will have control of Malampaya, as it already bought the other 45% from Chevron in March 2020. The DOE confirmed the $565 million Chevron-Udenna transaction in mid-April this year. Before the May purchase, Udenna repeatedly said that it would exercise its right of first refusal as the owner of the 45% it got from Chevron.
“As far as the government is concerned, it’s not yet [final] until [they] comply with the requirement of the government,” Cusi added.
Udenna has reportedly tapped four foreign banks to finance its purchase of SPEX.