Udenna Completes Acquisition of Chevron’s 45% Malampaya Stake

Mar 11, 2020

March 11, 2020 - Udenna Corporation, through its wholly owned subsidiary, UC Malampaya Philippines Pte Ltd., is pleased to announce its complete acquisition of Chevron Malampaya LLC, which holds a 45% non-operating interest in Service Contract 38 in the Philippines, also known as the Malampaya natural gas project. 

This strategic move enables Udenna 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% of the national demand for electricity. Since it began commercial operations in 2001, the Malampaya project has produced cleaner-burning natural gas which supplies five power plants in Luzon, the country’s largest island, with a combined capacity of 3,200 megawatts.

Malampaya is benefiting the country in countless ways, including reducing oil imports, ensuring a more stable supply of cleaner energy from an indigenous resource and helping meet the country’s energy requirements.

Dennis A. Uy, CEO and Chairman of Udenna said “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.” 

“We look forward to working with our joint venture partners, Shell and PNOC-EC, and Malampaya’s key stakeholders, including the Philippine Department of Energy, to ensure that Malampaya continues to play an important role in developing a sustainable clean energy business in the Philippines,” Uy further stated.  

About Udenna Corporation

For almost two decades, Udenna has been hard at work to be the indispensable partner in nation building, driven by its passion to improve the lives of Filipinos.

Udenna’s business includes distribution and retail of finished petroleum products, as well as shipping and logistics. Udenna has in the past few years expanded and diversified its portfolio to include property development, education, food, gaming, tourism, and infrastructure. 

Udenna employs over 9,000 personnel and is expected to create thousands more jobs for Filipinos over the coming years.

More News