DOE review of Malampaya sale to Razon ‘on track’

The ongoing review of Enrique Razon Jr.-led Prime Infrastructure Capital Inc.’s acquisition of a controlling stake in the Malampaya gas project is “on track,” according to the Department of Energy (DOE).

As part of the decision-making process, the DOE has tapped several technical, financial and legal advisers to help them look into certain aspects of the proposed sale.

“Just to assure you that the review by the PNOC Exploration Corp. (PNOC-EC) on Prime Infra’s acquisition is on track and, the notification to the DOE, having been received, is also moving in parallel,” Energy Secretary Raphael Lotilla said in a virtual briefing held on Wednesday.

The DOE indicated last week it would decide within the year on Razon’s planned takeover of the Malampaya gas field and the PNOC-EC would likely give its consent to Shell’s sale of its Malampaya interest.

Lotilla said the advisers are expected to aid the DOE so that the decisions relative to the Malampaya deep water gas-to-power project “consider all the relevant factors and are founded on sound technical analyses.”

Rufino Bomasang will lead the Technical Review Committee, along with Francisco Delfin Jr. and Froilan Tampinco as members and Edgar Benedict Cutiongco as a consultant.

Roberto Manabat will head the Financial Review Committee, with J. Carlitos Cruz and Gabriel Singson Jr. as members and lawyer Ephyro Luis Amatong as a consultant.

Another lawyer, Luis Ma. Uranza, will act as a consultant for the legal aspect of the transaction.