Philippines to Sell Malampaya Stake

3 March 2010 (Last Updated March 3rd, 2010 18:30)

The Philippines is to sell state-run PNOC Exploration Corp's stake in the Malampaya natural gas project, it has been revealed. The move will come before selling a 60% of the firm to speed up revenue raising, finance officials told Reuters. The government expects to receive

The Philippines is to sell state-run PNOC Exploration Corp's stake in the Malampaya natural gas project, it has been revealed.

The move will come before selling a 60% of the firm to speed up revenue raising, finance officials told Reuters.

The government expects to receive PHP14bn ($300m) from the selling of the stake.

The government has not yet provided a timeline for the sale of the stake in PNOC, whose 99.78% ownership lies with the state firm Philippine National Oil Company.

The remaining stake at the Malampaya project is owned by Royal Dutch Shell and Chevron.