Probe of Dennis Uy’s acquisition of Malampaya sought | Inquirer News

Probe of Dennis Uy’s acquisition of Malampaya sought

/ 05:10 AM November 20, 2021

MANILA, Philippines — A senator is urging the Senate blue ribbon panel to investigate how Udenna Corp. of Davao businessman Dennis Uy, a campaign donor and friend of President Duterte, secured a “mind-blowing” number of government deals, including his acquisition of the Malampaya natural gas project.

Sen. Risa Hontiveros asked the committee chair Sen. Richard Gordon to look into the propriety of Udenna’s takeover of Malampaya and its gas pipeline.

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Under proposed Senate Resolution No. 950, Hontiveros claimed that the Udenna contracts were disadvantageous to the government and might have security and economic implications.

In 2019, Udenna acquired through loans a 45-percent share of Chevron Malampaya LLC for $545 million. It later bought the 45-percent stake of Shell Philippines Exploration B.V. for $380 million. —DJ Yap

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TAGS: Dennis Uy, Malampaya natural gas facility, Senate blue ribbon committee, Udenna Corp.
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