MANILA, Philippines — Dennis Uy-led Udenna Corp. announced Wednesday it acquired Chevron Philippines Ltd.’s 45% stake in the $4.5 billion Malampaya deep water-gas-to-power project, continuing the expansion of the Davao-based businessman’s empire. Ltd. bought 100% of the shares of Chevron Malampaya LLC, which holds Chevron Philippines’ non-operated interest in Malampaya. Related Stories Chevron selling 45% stake in MalampayaThe deal was the culmination of 12 months of talks between the two companies, Udenna said. Commissioned in 2001, the Malampaya gas field offshore Palawan supplies all of the Philippines’ current natural gas. The STAR earlier this week reported that aside from Udenna, The MVP Group was also interested in Chevron Philippines’ Malampaya stake.

Source: Philippine Star November 13, 2019 09:02 UTC