Razon’s Malampaya acquisition deal is ok with the DOE

Razon's Malampaya acquisition deal is ok with the DOE

MANILA, Philippines – Ports and gaming billionaire Enrique Razon Jr. finally won. the Department of Energy’s “sweet yes” to get a major stake in the Malampaya gas project.

After a thorough review, the DOE said it approved Prime Infrastructure Capital Inc.’s move. (Prime Infra) by Razon to acquire 45% interest of Shell Philippines Exploration BV (SPEX) in Malampaya Service Contract 38.

Shell Philippines Exploration BV (SPEX) will serve as Prime Infra’s subsidiary as part of the condition following approval.

“Prime Infra was found to be technically, financially and legally qualified as a transferee and as successor to Shell as Operator of the Malampaya natural gas project,” ayon sa DOE.

“SPEX, as a Prime Infra subsidiary, will continue to be technically competent and financially capable of operating the Malampaya Service Contract 38,” the department added in a statement.

Meanwhile, Prime Infra welcomed the DOE’s decision.

“We welcome DOE’s thorough review and subsequent approval of the SPEX sale given the urgency to sustain the operations of Malampaya vital energy installation and symbol of national pride and to plan for the further development of the existing reserves in light of the current power under supply,” ayon kay Razon, chairman ng Prime Infra.

“We will contribute by doing all that can be done to produce as much gas as possible to sustain production in support of the power demand in Luzon,” aniya pa rin.

Prime Infra is expected to resume full ownership and control of SPEX in November. Chris Joseph

The post Razon’s Malampaya acquisition deal is ok with the DOE appeared first on REMATE ONLINE.

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