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Dennis Uy's Udenna completes acquisition of Chevron's Malampaya stake

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ABS-CBN News

MANILA - Udenna Corp has completed its acquisition of Chevron Malampaya which holds a 45-percent interest in the Malampaya gas project, the Dennis Uy-led firm said on Wednesday. Udenna bought Chevron&#x27;s shares in <a href="https://news.abs-cbn.com/business/11/13/19/dennis-uys-udenna-buys-chevrons-malampaya-stake">November</a> last year, subject to regulatory approval. Uy also controls oil retailer Phoenix Petroleum.The Philippine Competition Commission said on Jan. 22 that it had cleared the acquisition. &quot;This strategic move enables Udenna to become a joint venture partner in an energy asset of national significance,&quot; Udenna said in a statement. Malampaya is operated by Shell Philippines Exploration BV with a third joint-venture partner, Philippines National Oil Company (PNOC). Uy said Udenna considered &quot;immense potential in natural gas, the fuel of the future.&quot; Malampaya supplies natural gas to 5 power plants in Luzon, which together generate over 3,200 megawatts of power.

Udenna Corp has completed its acquisition of Chevron Malampaya which holds a 45-percent interest in the Malampaya gas project, the Dennis Uy-led firm said on Wednesday.

Udenna Corp has completed its acquisition of Chevron Malampaya which holds a 45-percent interest in the Malampaya gas project, the Dennis Uy-led firm said on Wednesday.