Udenna Corp. said wholly-owned subsidiary UC Malampaya Philippines Pte. Ltd. completed the acquisition of Chevron Malampaya LLC, which holds a 45-percent non-operating interest in the Malampaya natural gas project.
“This strategic move enables Udenna to become a joint venture partner in an energy asset of national significance,” Udenna said in a statement.
“We see immense potential in natural gas, the fuel of the future, and we are optimistic and excited to bring its full benefits to Filipinos. Taking a long view, this new milestone moves us closer to Udenna’s vision of being an indispensable partner in nation building,” Undenna chairman and chief executive Dennis Uy said.
“We look forward to working with our joint venture partners, Shell and PNOC-EC, and Malampaya’s key stakeholders, including the Philippine Department of Energy, to ensure that Malampaya continues to play an important role in developing a sustainable clean energy business in the Philippines,” Uy said.