Press Release
December 21, 2021

Gatchalian commends PNOC-EC for protecting PH interest

Senator Win Gatchalian wasted no time in commending the Philippine National Oil Company (PNOC) during the last Senate Energy Committee hearing after it disclosed that it will withhold its consent on the sale of Shell Philippines Exploration B.V.'s (SPEX) stakes to Malampaya Energy XP Pte. Ltd., a subsidiary of Dennis Uy-led Udenna Corp., in the Malampaya Deep Water Gas-to-Power Project.

"This clearly shows that the company put first the interest of the Filipinos and the generations to come," said Gatchalian.

"This is an asset of future concern. I laud PNOC's decision and that it will not be put to waste because we recognize that it was made in order to protect the interest of the country," he added.

With this development, SPEX legal manager Kiril Caral said that they won't push through with the sale of its 45% operating stake in Malampaya.

"Without the consent of the PNOC-EC we will not be able to proceed with the completion at the moment," Caral told Gatchalian when asked if the company will still pursue the sale.

In a Senate Energy Committee hearing last July 14, PNOC president and CEO retired Lt. Gen. Rozzano Briguez told Gatchalian that they waived the right to match the offer to acquire SPEX's shares because the government is constrained by many laws to operate this type of business and it might affect the operational stability of Malampaya especially in prompt decision-making that's required of a very complex offshore exploration company.

He also cited the reason for the availability of funds since government banks are only willing to lend them only up to 50% of the needed amount.

"Because if no government bank will lend to us a specific amount, then that will also compromise the other projects that we have," Briguez was quoted saying.

But when Gatchalian sought for the reason behind PNOC-EC's decision to withhold its consent to the SPEX-Udenna deal, Briguez politely begged off from further providing details as they have yet to fully discuss the matter with their other partners and stockholders.

In the spirit of transparency, Gatchalian said he will request an executive session for a comprehensive briefing as to how PNOC-EC arrived at such a decision.

"I would like to give credit where credit is due and that is to the PNOC. Whatever their reasons in refusing to give their consent to the Udenna Group's acquisition of Shell's 45% stake in the Malampaya project, we can now be assured that the chances of having one of the country's most important national asset being under the control of a seeming unqualified company has dwindled, if not, already nil in possibility," Gatchalian said.

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Gatchalian pinuri ang PNOC sa pagprotekta sa interes ng bansa

Umani ng papuri mula kay Senador Win Gatchalian ang Philippine National Oil Company (PNOC) sa nakaraang pagdinig ng Senate Energy Committee matapos sabihing pipigilan nito ang bentahan ng shares sa Malampaya gas project ng Shell Philippines Exploration BV (SPEX) sa Malampaya Energy XP Pte. Ltd., isang kumpanyang nasa ilalim ng Udenna Corp. na pagmamay-ari ni Dennis Uy.

"Malinaw na ipinamalas ng kumpanya ang pagsasaalang-alang sa interes ng mga Pilipino at ng mga susunod na henerasyon," ani Gatchalian.

"Ito'y isang importanteng yaman ng bansa na makakaapekto sa kinabukasan ng lahat. Kapuri-puri ang desisyong ginawa ng PNOC at sigurado ako na hindi ito masasayang dahil kinikilala natin na ginawa nila ang hakbang na ito upang protektahan ang kapakanan ng mas nakararami," dagdag pa ng senador.

Kasunod ng kaganapang ito ay ang pahayag ng SPEX legal manager Kiril Caral na nagsabing hindi na nila maitataguyod ang pagbebenta ng 45% na operating stake ng kumpanya sa Malampaya.

"Kung walang pahintulot ng PNOC-EC, hindi namin magagawang ipagpatuloy ang transaksyon sa kasalukuyan," sabi ni Caral kay Gatchalian nang tanungin siya kung itutuloy pa rin ng kumpanya ang pagbebenta ng shares ng SPEX sa Malampaya.

Sa pagdinig ng Senate Energy Committee sa nasabing usapin noong Hulyo 14, matatandang sinabi ni retired Lt. Gen. Rozanno Briguez, PNOC president at CEO, kay Gatchalian na tumanggi silang tapatan ang alok na pagbili ng shares ng SPEX dahil may mga batas na humahadlang para maisakatuparan ito na maaari umanong makaapekto sa operational stability ng Malampaya.

Bukod pa dito, sinabi rin ni Briguez ang kawalan ng mapagkukunang pondo para matustusan ang pabili ng shares ng SPEX dahil ang mga bangko ng gobyerno ay handa lang daw magpaluwal ng hanggang 50% ng kinakailangang halaga.

Nang tanungin ni Gatchalian kung ano ang nagbunsod sa PNOC sa ginawa nitong desisyon na huwag pahintulutan ang SPEX-Udenna deal, hindi na muna ito nagdetalye at sinabing kailangan muna nilang kausapin ang kanilang partners at stockholders.

Upang masiguro ang pagiging transparent sa usapin, sinabi ni Gatchalian na hihiling sya ng executive session para sa komprehensibong briefing sa naging desisyon ng PNOC.

"Anuman ang dahilan ng PNOC-EC sa pagtanggi na magbigay ng kanilang pahintulot sa pagbili ng Udenna Group sa 45% stake ng Shell sa Malampaya project, isang magandang hakbang ito dahil makatitiyak tayo na maliit na ang posibilidad, kung hindi man malabo, na mapasakamay ng tila hindi kwalipikadong kumpanya ang isa sa pinaka mahalagang asset ng bansa," ani Gatchalian.

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