Prime Infra, the infrastructure arm of businessman Enrique Razon Jr., said in a statement this marks the initial foray of the company into the upstream energy market and fulfills its purpose to make better lives and resilient economies through critical infrastructure.
Prime Infra’s Prime Exploration Pte. Ltd. signed in July this year a share purchase agreement acquiring MEXP Holding Pte. Ltd. Prime Infra president and chief executive Guillaume Lucci said the company’s energy portfolio is aligned with the national government’s objective towards attaining energy independence and security, while reducing the country’s reliance on fossil fuels.
Prime Infra said it would assume full ownership and control of SPEX once the transition process for a safe and seamless handover of operations from Shell is completed by Nov. 1, 2022 as targeted.