San Miguel Corp. president Ramon Ang said Thursday the company is interested in acquiring the 45-percent stake of Shell Philippines Exploration B.V. in the Malampaya-gas-to-power project.
The Department of Energy said it would also ask state-run Philippine National Oil Co. to study the feasibility of the government bidding for the Malampaya stake of Spex, the operator of the project, which informed the department of its decision to privatize its shares in the consortium.
“If government will bid for it, PNOC will do its due diligence first. Let’s study first,” Energy Secretary Alfonso Cusi said.
PNOC’s subsidiary PNOC Exploration Corp. owns a 10-percent stake in the Malampaya project, while the remaining 45 percent is owned by Udenna Corp. controlled by businessman Dennis Uy. PNOC-EC and Udenna have a right of first refusal over the 45-percent stake of Spex.
Spex managing director and general manager Don Paulino said the transaction was expected to be completed in the next 12 to 15 months. In a separate radio interview, Paulino said Spex might retain its Malampaya investment if it was not able to find a suitable buyer.
“Yes, Shell will stay because we want to continue to provide effective and reliable supply of energy,” Paulino said.
