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Tycoon Razon to Acquire Philippine Gas Project From Duterte Ally

  • Deal may help to develop and extend life of Malampaya field
  • Field accounts for a fifth of Philippines’ electricity needs
Enrique Razon
Enrique RazonPhotographer: Patrick T. Fallon/Bloomberg

Philippine billionaire Enrique Razon will acquire a controlling stake in businessman Dennis Uy’s Malampaya gas project, in a move that may help extend the life of a field that fuels some of the nation’s biggest power plants.

Razon’s Prime Infra Holdings Inc. and Uy’s Udenna Corp. have “kicked off” the acquisition process for the Malampaya deep-water gas-to-power project. The transaction will require consent from the Department of Energy and Philippine National Oil Co. - Exploration Corp., which holds a 10% interest in the field, Prime Infra said in a statement.