BIZ BUZZ: Dennis Uy fully exits Malampaya

Without any fanfare, tycoon Enrique Razon Jr. has cemented his control of the Malampaya offshore Palawan deep-water gas-to-power project.

Davao-based businessman Dennis Uy has sold his remaining interest in the controversial project to Razon, now the wealthiest person in the country, according to several Biz Buzz sources.

The deleveraging Uy had owned 90 percent of Malampaya (covered by Service Contract 38), but sold half of the interest to Razon in 2022. That first block covered the participating interest previously held by Shell Philippines Exploration B.V.

For a few years, Uy kept the remaining 45-percent stake that was originally bought from Chevron Corp.

But now, Uy likewise flipped the remaining interest to Razon, who in turn used a privately held entity to seal the deal.

“They believe they can still (get more) output so it’s worth buying,” one source said.

“Maybe he (Razon) is confident about the (power) offtakers,” another source added.

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While Uy’s entry into Malampaya came with a loud bang—drawing intense flak amid allegations of a rushed, coerced transaction during the Duterte regime—his exit could not be quieter.

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