Udenna Corp. said it has completed the acquisition of the 45 percent non-operating interest in Service Contract 38 in the Philippines, also known as the Malampaya natural gas project.
This follows after Udenna’s unit UC Malampaya Philippines Pte Ltd. completed the acquisition of Chevron Malampaya LLC, which holds the stake.
Udenna said the “strategic move” enables the company to become “a joint venture partner in an energy asset of national significance.”
“For over two decades, Malampaya has been the cornerstone of the country’s gas industry and continues to service approximately 30 percent of the national demand for electricity,” the company said.
Since it began commercial operations in 2001, the Malampaya project has produced cleaner-burning natural gas which supplies five power plants in Luzon, with a combined capacity of 3,200 megawatts, noted Udenna.
“We see immense potential in natural gas, the fuel of the future, and we are optimistic and excited to bring its full benefits to Filipinos. Taking a long view, this new milestone moves us closer to Udenna’s vision of being an indispensable partner in nation building,” Dennis Uy, Udenna chairman, said.
