UGEP Chairman, tapped by DoE to review Malampaya sale

Sep 6, 2022

UGEP Chairman and former Philippine National Oil Company Exploration Corporation (PNOC-EC) President, Rufino Bomasang is tapped by The Department of Energy (DOE) and former official of the KPMG R.G Manabat & Co. Roberto Manabat as the Department’s special technical and financial committee chairmen to review the proposed sale of Shell Philippines Exploration B.V (SPEX) interest in the Malampaya gas-to-power project.

“We want to assure the public that the DOE will exercise the utmost care and diligence, in carrying out its mandate involving the country’s upstream oil and gas sector in general, including the country’s biggest gas-to-power initiative to date—the Malampaya-Camago project,” Energy Secretary Raphael Lotilla said in a press briefing. 

Bomasang, who will chair the technical review committee, was the former president and CEO of PNOC-EC. He will be joined by former Energy Undersecretary Francisco Delfin, and former National Power Corporation president Froilan Tampinco. 

Manabat, meanwhile, will chair the financial review committee. He served as the founding chairman and CEO of KPMG R.G Manabat Co. He will be joined by former SGV&Co chairman and managing partner J. Carlitos Cruz, and former Finance Secretary Gabriel Singson. 

SPEX’s 45% share was first bought by Dennis Uy’s Udenna Corporation. Currently, Prime Infrastructure Capital Inc. is acquiring the said stake from Udenna. 

Earlier, Lotilla said that they would leave PNOC-EC to resolve the issues on the sale of SPEX’s stake in the Malampaya. 

“This pool of advisers is expected to assist the DOE in ensuring that its decisions on matters relating to the Malampaya Service Contract consider all the relevant factors and are founded on sound technical analyses,” Lotilla said. 


Source: https://powerphilippines.com/doe-forms-technical-financial-committee-to-review-malampaya-sale/?fbclid=IwAR1CJltMdtr09mg6nQSjF5pPeQheqWDLOjBL2f5OyOkZSuseVlK1m_xSuUc&mibextid=li3ck7

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