ENERGY Secretary Raphael Lotilla said Tuesday he would defer to the Philippine National Oil Company-Exploration Corp. the unresolved issues involving the sale of Malampaya stake between Shell Philippines Exploration B. V. and a subsidiary of Davao businessman Dennis Uy’s Udenna Corporation .
He said PNOC-EC President and Chief Executive Officer Franz Josef George Alvarez, along with the board, would lead the review. Last month, a subsidiary of Razon-led Prime Infrastructure Capital Inc. moved to acquire MEXP from UC. The Malampaya project is one of the country’s most important power assets, as it produces natural gas to power plants in Batangas City that account for around 20 percent of the Philippines’s total electricity requirements. It began operations in 2001, with the consortium’s license for the project set to expire in 2024.
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