Power

Salim Group submits offer to buy Shell’s stake in Malampaya

First Pacific Co. Ltd., together with Philex Mining Corp., submitted an offer to acquire the 45 percent stake of Shell Philippines Exploration B.V. in the Malampaya gas project in northwest Palawan.

Manuel V. Pangilinan, managing director and CEO at First Pacific, said they submitted their bid last week.

“We’re looking at acquiring the Shell stake…We have submitted a final non-binding offer to shell, let’s see what they’ll say,” he said.

Aside from Spex, Udenna Corp. owns a 45 percent stake in service contract 38 or the Malampaya gas project while government-owned PNOC Exploration Corp. holds a 10 percent interest.

Udenna, controlled by Dennis Uy, also expressed interest to submit an offer for Spex’s interest in Malampaya.

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