Dame pera! Dennis Uy to acquire Shell’s Malampaya stake | Bilyonaryo Business News

Dame pera! Dennis Uy to acquire Shell’s Malampaya stake

Shell Philippines Exploration B.V. (SPEX) has decided to sell its 45 percent stake in the Malampaya natural gas project to Davao-based bilyonaryo Dennis Uy for $380 million, giving him ultimate control of a major power source in Luzon.

Targeted to be completed by the end of the year, the sale of the Malampaya stake is part of the Shell Group’s ongoing portfolio rationalization.

“Since it began commercial operations in 2022, Malampaya has suppled a significant portion of the Philippines’ energy demand and it will continue powering the country with indigenous gas following a safe transition of the asset and its experienced workforce,” said Wael Sawan, Shell’s Upstream director.

SPEX employees will retained under the new ownership.

The transaction will raise Uy’s stake in the Malampaya gas-to-power project to 90 percent.

Located offshore northwest Palawan, the Malampaya project supples natural gas to five power plants in Luzon, which generate a combined 3,200 megawatts of power.

With the sale, Shell assured that the Philippines remains an important market.

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