Energy Assistant Secretary Leonido J. Pulido III said the department had not accepted the proposal of the Pangilinan group because it is not in keeping with the terms and policies on securing a petroleum service contract with the government.
That essentially attempted to match the offer of Udenna Group of Dennis Uy in the American firm’s stake in the Malampaya venture – which was reportedly set at a “premium” offer. In the Udenna-Chevron merger and acquisition transaction, it was hinted that businessman Dennis Uy has been seeking partnership with state-run Philippine National Oil Company for the deal. That has been confirmed by government sources, although the details of the negotiations are still being kept under wraps.
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