Lopezes confirm, Dennis Uy coy on interest in buying PNOC's P38B banked gas

Lopezes confirm, Dennis Uy coy on interest in buying PNOC’s P38B banked gas

First Gen (FGEN), a power subsidiary of the Lopez family, has confirmed interest in buying the accumulated unused gas of Philippine National Oil Co. from Malampaya which is estimated to be worth P33 billion to P38 billion.

FGEN said it formally expressed interest in PNOC’s banked gas as early as 2016 when when a bidding was conducted by Service Contract 38 (which holds the gas and oil reserves of Malampaya). FGEN planned to use the banked gas for its gas-fired power plants.

In a report by Manila Bulletin, PNOC President and CEO Reuben S. Lista revealed that FGEN, the Power Sector Assets and Liabilities Management (PSALM), and Phoenix Petroleum of bilyonaryo Dennis Uy have expressed interest in buying the banked gas acquired by PNOC from the National Power Corp. which had amassed the gas in 2002 to 2004 for the 1,200-megawatts Ilijan gas-fred power plant.

PNX said “the company has no knowledge of any interest to purchase banked gas as of date of writing.”

But PNX added that “should there be any manifest interest and the board approves the same, we shall make the necessary disclosures at the appropriate time.”

Uy has resumed his buying spree recently after gobbling up thecombined 90 percent stake in SC 38 of Shell Philippines Exploration B.V. last week and Chevron Philippines 14 months ago. PNOC holds the remaining 10 percent stake.

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