2 weeks PNOC-EC backtracks on add’l Malampaya shares acquisition MB |Biz
By Myrna M. Velasco State-run Philippine National Oil Company-Exploration Corporation (PNOC-EC) has shifted ground on its reported acquisition of additional shareholdings in the Malampaya gas field project. Energy Secretary Alfonso G. Cusi PNOC-EC Board Chairman and Energy Secretary Alfonso G. Cusi said “further discussions could not progress due to the COVID-19 pandemic.” The energy chief rectified his previous pronouncement that the deal with the group of businessman Dennis Uy’s UC Malampaya Philippines Pte. Ltd. had already been concluded – in reference to the target of PNOC-EC to pur¬chase 10 percent of the 45 percent stake acquisition of Uy in the ... more