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Razon's Prime Infra completes acquisition of Malampaya operator

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Malampaya gas project. Shell Philippines Exploration BV, Handout" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2018/news/09/04/09042018-malampaya-handout.jpg"/><figcaption>Malampaya gas project. <em>Shell Philippines Exploration BV, Handout</em></figcaption></figure></div><p>MANILA - Prime Infrastructure Capital Inc said its subsidiary has completed the acquisition of the 45-percent operating stake in Malampaya gas project operator.</p><p>The Enrique Razon-led firm said in a statement it has assumed full ownership of Shell Philippines Exploration B.V (SPEX).</p><p>It plans to rename the operator Prime Energy Resources Development B.V. (Prime Energy), Prime Infra said.</p><p>“The Malampaya asset begins a new chapter today as we continue to build on the legacy of this world-class installation in helping achieve national energy security and independence,” said Prime Infra Chairman Enrique Razon, Jr. </p><p>Prime Infra said it has established a team of experts while some 300 SPEX employees will join the Prime Infra group, it said.</p><p>The Department of Energy earlier approved Prime Infra&#x27;s bid for the Malampaya operator citing its technical, financial and legal qualifications.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/10/03/22/prime-infras-malampaya-bid-gets-doe-nod">Enrique Razon&#x27;s Prime Infra secures DOE nod for Malampaya operator bid</a></li>	<li><a href="https://news.abs-cbn.com/business/06/02/22/razon-eyes-buying-stake-in-malampaya-from-dennis-uy">Enrique Razon eyes buying stake in Malampaya gas field from Dennis Uy</a></li></ul><p>Dennis Uy&#x27;s Udenna Corp made the same bid earlier but has faced criticisms.</p><p>Prime Infra President and CEO Guillaume Lucci said they would work on securing a license for the extension of the Malampaya project whose license is set to expire in 2024.</p><p>Malampaya powers up to 20 percent of Luzon&#x27;s total electricity requirements, Prime Infra said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/11/22/razons-bloomberry-invests-in-dennis-uys-cebu-clark-projects">Razon&#x27;s Bloomberry to invest in Dennis Uy&#x27;s PH Resorts group projects</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1684231" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Prime Infrastructure Capital Inc said its subsidiary has completed the acquisition of the 45-percent operating stake in Malampaya gas project operator.