Razon group's possible entry in Malampaya a 'positive development for power sector' — Cusi

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Energy Secretary Alfonso Cusi said that the Malampaya project is one of the Department of Energy's top priorities in ensuring energy security for the country amid the power crisis due to the geopolitical war between Ukraine and Russia. 

Bworldonline

 

MANILA, Philippines — Energy Secretary Alfonso Cusi said Friday that the probable entry of the infrastructure company of tycoon Enrique Razon Jr. in the Malampaya gas-to-power project bodes well for the country's energy sector. 

 

This came shortly after Prime Infra Holdings, Razon's infrastructure arm, confirmed that it will be acquiring a controlling stake in the Malampaya project from Davao-based businessman and Udenna Corp. President and Chairman Dennis Uy, who is reportedly putting up some of his high-value assets for sale. However, the move is subject to the consent of the Department of Energy (DOE) and the state-run Philippine National Oil Co. Exploration Corp. 

 

Uy, a campaign donor of President Rodrigo Duterte, currently holds 90% share in the offshore gas field, which he bought from Chevron and Shell.

 

Full Story: https://www.philstar.com/headlines/2022/06/03/2185797/razon-groups-possible-entry-malampaya-positive-development-power-sector-cusi

 

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