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San Miguel Corp. Chairman Ramon Ang said Thursday that the company is interested in acquiring Shell Philippines Exploration BV’s 45 percent stake in the Malampaya-gas-to-power project. The Energy Department said it would also ask state-owned Philippine National Oil Co. to study the feasibility of the government tender for Malampaya’s stake in Spex, the project operator, which informed the department of its decision to privatize its shares in the consortium. “If the government bids on it, PNOC will do its due diligence first. Let’s study first ”, said the Secretary of Energy, Alfonso Cusi. PNOC’s subsidiary, PNOC Exploration Corp., owns a 10 percent stake in the Malampaya project, while the remaining 45 percent is owned by Udenna Corp. controlled by businessman Dennis Uy. PNOC-EC and Udenna have a right of first refusal on Spex’s 45 percent stake. Spex Managing Director and CEO Don Paulino said the transaction was expected to be completed in the next 12 to 15 months. In another radio interview, Paulino said that Spex could withhold its investment in Malampaya if it could not find a suitable buyer. “Yes, Shell will stay because we want to continue to provide an efficient and reliable power supply,” Paulino said.
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