Prime Energy inks condensate supply deal with UAE firm

MANILA  -Ports tycoon Enrique Razon Jr.’s energy firm, Prime Energy Resources Development BV, has inked an agreement to supply a United Arab Emirates (UAE)-based oil company with condensate to be extracted from the mature Malampaya gas field.

In a statement, Prime Energy said the deal with Abu Dhabi National Oil Company and Global Trading (AGT) allows the latter to market the Malampaya condensate, which is used as refinery feedstock for motor and heating fuels.

“Prime Energy and AGT share the same responsibility of harnessing our natural resources to transform societies around the world by providing resilient infrastructure to create a better future,” said Donnabel Cruz, managing director and general manager of Prime Energy.

AGT is a joint venture among Adnoc, Italian energy company Eni S.p.A. and the Republic of Austria.

Main operator

The agreement will be effective until Feb. 23, 2024, according to Prime Energy.

Prime Energy, a subsidiary of Razon’s Prime Infrastructure Capital Inc., is the main operator of the Malampaya deep water gas-to-power project.

https://business.inquirer.net/401215/razon-led-consortium-commits-600m-to-continue-malampaya-operations-dig-new-wells

President Marcos on May 15 signed the service contract renewal agreement allowing the Malampaya project consortium to operate for another 15 years, or until 2039. It was originally set to expire on Feb. 22 next year.

The Malampaya gas field, which covers 830 square kilometers, has been supplying natural gas to four power plants—Santa Rita, San Lorenzo, San Gabriel and Avion—in Batangas province that generate a fifth of the country’s electricity needs. INQ