Photo Release

December 15, 2021

Udenna’s suspicious incorporation: Sen. Risa Hontiveros, during Wednesday’s hybrid hearing of the Committee on Energy December 15, 2021 on issues hounding the Malampaya Deep Water Gas-to-Power Project and its compliance with the Oil Exploration and Development Act of 1972, raises suspicion on the sudden incorporation of Udenna Corp. Malampaya a few weeks after the Department of Energy announced that it has no intention to extend the service contract of Malampaya Deepwater Gas-to-Power Project. “The timing is suspiciously convenient. Either they employed very good fortune tellers, or Udenna was provided with advance notice, among other inordinate advantages. Is the country's strategic energy asset being sold in a last-minute sweetheart deal?” Hontiveros asked. Dennis Uy’s Udenna holdings virtually has a 90 percent operating interest in the Malampaya gas-to-power project, after acquiring the stakes of Chevron and Shell. The remaining 10 percent is held by the Philippine National Oil Company-Exploration Corporation (PNOC-EC). (Screen grab/Senate PRIB)

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