Ricky Razon’s Prime Energy enters global petroleum industry through partnership with AGT

Prime Energy Resources Development B.V., led by bilyonaryo Enrique K. Razon Jr., has inked a deal with Abu Dhabi National Oil Company (ADNOC) Global Trading (AGT) to provide condensate from the Malampaya gas field.

The agreement marks Prime Energy’s foray into the global petroleum industry and signifies a strategic partnership with AGT, a prominent player in the international oil sector.

Donnabel K. Cruz, managing director and general manager of Prime Energy, said the partnership with AGT “establishes our force in the global petroleum industry, and we are privileged that AGT, one of the top oil companies across the globe, has decided to partner and grow with us.”

“Prime Energy and AGT share the same responsibility of harnessing our natural resources to transform societies around the world by providing resilient infrastructure to create a better future,” she added.

AGT is a joint venture involving ADNOC, Italian energy company Eni S.p.A., and the Republic of Austria.

The supply agreement, effective from March 1, 2023, to February 23, 2024, solidifies Prime Energy’s position as the primary operator of the Malampaya gas-to-power project located in the offshore northwest Palawan region.

Apart from natural gas extraction, Prime Energy also produces and exports condensate, which serves as a vital component for refining motor and heating fuels.

With a diversified customer base that includes international industry players, Prime Energy plays a crucial role in ensuring a reliable energy supply in the Philippines. The company is committed to making significant contributions to stakeholder communities through sustainable social and environmental programs.

Prime Energy operates as a subsidiary of Prime Infrastructure Capital Inc. and focuses on natural gas exploration and development, with the Malampaya project as its key project.