BIZ BUZZ: De Dios joins Razon group

Fresh from its P50-billion gas deal with First Gen, the Razon Group has reshuffled its leadership deck for the energy and water business.

Prime Infrastructure Capital, Inc. said Tuesday Jose Victor Emmanuel “Jocot” de Dios will be the new president and chief executive officer of Prime CoreGen—its subsidiary focused on managing the gas assets from the Lopez-led firm.

De Dios, who currently serves as the top executive of Manila Water, will start leading Prime CoreGen on Jan. 1 of next year.

Boasting his solid stint in the power game, Prime Infra said the official has “extensive experience” in the sector, especially as he was an energy undersecretary under the administration of former President Gloria Macapagal Arroyo. During his time at the agency, he launched the Natural Gas Office.

He also led the Philippine National Oil Company-Exploration Corp., as well as Australian oil exploration company Nido Petroleum Ltd.

Taking over his position in the water business will be Roberto Jose “Boj” Locsin, Manila Water’s current chief administrative officer and chief operating officer for international business.

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On Monday, Prime Infra of billionaire and port tycoon Enrique Razon Jr. said the group had completed its P50-billion takeover of First Gen’s gas facilities.

Just less than a month after securing the competition watchdog’s clearance, both parties had already reached the financial close for the 60-percent buyout in six of the gas assets.

First Gen will continue to hold the remaining 40 percent, with its eyes now set on boosting its renewable portfolio.