MANILA -- Magnate Manuel V. Pangilinan described his partnership with Davao tycoon Dennis Uy in the energy sector as “symbiotic relationship”.
At the sidelines of Philippine Business for Social Progress (PBSP) event Wednesday, Pangilinan said since their businesses are interrelated, the partnership between his PXP Energy Corp. and Uy’s Dennison Holdings Corp. will be beneficial for each other.
“It's a symbiotic relationship. You allow us into your project, we’ll allow you into PXP. Anyway, we are interrelated,” said Pangilinan.
Pangilinan said he is interested to participate in the liquefied natural gas (LNG) project of Uy’s Phoenix Petroleum Philippines, Inc. and China National Offshore Oil, Co. (CNOOC) in Batangas.
“We spoke about his (Uy) joint venture with CNOOC with the matter of the gas terminal and possibly building a gas plant or several gas plant in the Philippines. We said we’d be interested to participate in the gas terminal and gas plants,” the businessman said.
“Because eventually, the gas terminal and the gas plant will turn into power. So, at the end of the road, Meralco will have to get involved… That’s why we want to be involve from the basement. [T]hat’s why there’s agreement for us to pick up the portion of this investment to these projects,” he added.
Last month, PXP Energy announced that Dennison Holdings subscribed to 340 million shares at PHP11.85 per share.
“I believe CNOOC file feasibility in the Department of Energy. So, we’re waiting for the government to comment, approve the project,” Pangilinan added. (PNA)
