Razon-led firm to acquire Malampaya gas field

PRIME Infra Holdings Inc., Enrique K. Razon Jr.'s critical infrastructure arm, is poised to acquire a controlling stake in businessman Dennis Uy's Udenna-led Malampaya deep-water gas-to-power project, one of the biggest and most successful, commercial gas finds in the Philippines.

In a statement on Thursday, the company said the acquisition process has kicked off and will close subject to the consent of various parties including the Department of Energy and the Philippine National Oil Co. Exploration Corp. (PNOC-EC). The transaction will also go through other regulatory and lenders' approvals within that period, it added.