San Miguel dropping Malampaya plan, too?

After abandoning intentions to build new coal plants, San Miguel Corporation (SMC) now says it is re-evaluating its interest in the Malampaya gas project.

SMC President Ramon Ang said he is still weighing in if purchasing the 45% stake of Shell Philippines Exploration B.V. (SPEX) is still worth it.

Ang clarified that the company just initially signified its interest, saying a business should always be on the lookout for opportunities.

Further, Ang wants competitors and observers to keep guessing. Should their studies indicate that acquiring SPEX’s Malampaya share isn’t viable, then SMC would just be silent and discontinue with the transaction.

Aside from SMC, the MVP Group of Manny V. Pangilinan and Udenna Corporation of Dennis Uy — which already holds the other 45% — are interested in Shell’s share.

Surigao Del Sur Rep. Johnny Pimentel recently said that companies are interested in Malampaya despite its depleting resources because of its pipe that can carry gas from new reserves in the West Philippine Sea to onshore power plants.