Tycoon Razon to acquire Philippine gas project from Duterte ally

MANILA (Bloomberg): Philippine billionaire Enrique Razon (pic) will acquire a controlling stake in businessman Dennis Uy’s Malampaya gas project, in a move that may help extend the life of a field that fuels some of the nation’s biggest power plants.

Razon’s Prime Infra Holdings Inc and Uy’s Udenna Corp have "kicked off” the acquisition process for the Malampaya deep-water gas-to-power project. The transaction will require consent from the Department of Energy and Philippine National Oil Co - Exploration Corp, which holds a 10% interest in the field, Prime Infra said in a statement.