Is there a conspiracy? Risa questions timing of Malampaya ‘sweetheart deal’

Senator Risa Hontiveros on Wednesday called “questionably and unbelievably convenient” the takeover of the country’s strategic energy assets by an Udenna Corporation subsidiary incorporated only weeks before the government announced the non-renewal of a service contract then covering the Malampaya Deepwater Gas to Power Project.

During the Senate probe on Udenna’s acquisition of a controlling stake over the Malampaya project, the senator said that closer public scrutiny is needed over the many “questionable” aspects of the takeover by the firm led by Dennis Uy, a close friend and campaign backer of President Rodrigo Duterte.

Citing existing documents, Hontiveros pointed out that Udenna Corporation subsidiary Udenna Corporation Malampaya (UC Malampaya) was incorporated only on September 1, 2019 or only 18 days before the Department of Energy (DOE) announced the non-renewal of Service Contract 38 then covering activities in the Malampaya.

UC Malampaya, despite a non-existent background in energy exploration, later acquired the Malampaya shares of Chevron and Shell Philippines.

“The timing is suspiciously convenient. Either they have 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 said.

She said that in less than two months, UC Malampaya had “dubiously already entered into a Sales and Purchase Agreement to acquire Chevron’s 45 percent participating interest for $565 MM, when it was not even clear that UC Malampaya has sufficient background in energy exploration.”

“Wala pang dalawang buwang naitatatag ang UC Malampaya ay nagkaroon na agad ito ng Sales and Purchase Agreement to acquire Chevron’s shares,” Hontiveros said.

“Mukhang alam ng Udenna ang shortcut sa pagtake over ng critical services at infrastructure ng bansa. Mula sa Dito Telecoms, hanggang sa Comelec logistics contract, ngayon dito sa Malampaya. Ito ba ang mukha ng cronyism sa taong 2021?” she added.

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Source: Latest Politics News Today (Politics.com.ph)