Energy Secretary Alfonso Cusi’s lawyer does not see any problem with his client participating in an investigation that senators have been eyeing on the controversial sale of Malampaya’s shares.[We haven’t discussed it but if it would help], I don’t see why he should refuse,” Atty. Ruy Onderain said in a public briefing.
Cusi earlier told lawmakers that the state-run PNOC-EC — which holds 10% of Malampaya’s shares — looked into the implications of buying Chevron’s stake but decided it was too risky. Uy’s Udenna Corp. has since maintained the legality of the deal involving the sale of Chevron’s 45% stake in the natural gas facility.
The company was also able to secure another 45% stake in Malampaya after purchasing Shell Exploration BV’s shares — bringing Udenna’s total ownership of the natural gas project to 90%.
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