Dennis Uy's Udenna buys Chevron's Malampaya stake

ABS-CBN News

Posted at Nov 13 2019 04:27 PM

Udenna Corp Chairman and CEO Dennis Uy at the sidelines of the forum attended by Malaysian Prime Minister Mahathir Mohammed at the Makati, Shangri-La, March 07, 2019. Jonathan Cellona, ABS-CBN News

MANILA -- Businessman Dennis Uy's Udenna Corp said Wednesday it bought Chevron's 45-percent stake in the Malampaya gas field.

It was the second acquisition announced in as many days for Udenna, which on Tuesday said it was acquiring all 51 branches and the master franchise of American hamburger chain Wendy's in the Philippines.

Udenna Corp's subsidiary UC Malampaya Philippines Pte Ltd acquired 100 percent shares of the Chevron Philippines' subsidiary Chevron Malampaya LCC through a sale and purchase agreement (SPA) last Oct. 25, the company said in a statement. 

The transaction is subject to regulatory approvals, it said. 

"The acquisition of Chevron’s interest in the Malampaya gas field marks an important milestone for Udenna, fitting strategically with our long-term ambitions of developing a sustainable clean energy business in the Philippines," Uy said.

Malampaya is operated by Shell Philippines Exploration BV with a third joint-venture partner Philippines National Oil Company (PNOC), Udenna Corp said. 

Uy also controls oil retailer Phoenix Petroleum.