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Shell Philippines Reportedly Plans to Sell 45% Stake in Malampaya Gas-to-Power Project

7:49AM ET 9/23/2020 MT Newswires
Royal Dutch Shell's (RDS.A, RDS.B) Philippine subsidiary is planning to sell its 45% stake in the $4.5 billion Malampaya deep water gas-to-power project located offshore northwest of the island of Palawan, media reported.

Shell Philippines Exploration B.V. jointly operates the gas field together with Udenna Corp. and state-run Philippine National Oil Company-Exploration Corp. Udenna bought its 45% stake from Chevron (CVX) in a $565 million transaction that was completed in March, according to newspaper Manila Bulletin.

In a statement sent by Shell to broadcaster ABS-CBN, the energy firm said that the sale of the Malampaya stake is part of an "ongoing portfolio rationalization" aimed at securing the long-term sustainability of its business.