Business tycoon Manny Pangilinan has officially offered to buy Shell Philippines Exploration B.V.’s 45% stake in the Malampaya gas facility.
"It's not just First Pacific. Philex Mining was part of that group that made a joint offer because Philex Mining is part owner of PXP Energy, which owns 70% of Forum [Energy]," Pangilinan said."One or two other" banks were also part of the group, he added. PXP Energy, also led by Pangilinan, confirmed last October their plan to acquire Shell's stake in the natural gas project. Prior to this, San Miguel Corporation and Petron president Ramon Ang and Phoenix Petroleum owner Dennis Uy also expressed interest in Shell's stake.
PXP Energy likewise has an operating interest in Service Contract 72, which refers to its project in Recto Bank.
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