Tycoon Razon to Acquire Philippine Gas Project From Duterte Ally

Philippine billionaire Enrique Razon 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.

Prime Infra didn’t provide the size of the stake ...