The talks with South Korean consortium, as reported earlier in EnergyReview.net, is said to be in the “final” stages for the US$4.5 billion acreage. The consortium was chosen earlier this year as the “preferred strategic buyer” and, if it gets the bid, will buy into the 10% of Malampaya held by the state-run Philippine National Oil Co-Exploration Corp (PNOC).
In a statement the Philippines Department of Energy said, “While we are in advanced talks with a South Korean group, the door is still open to interested investors.”
“The government has yet to decide if it can accept the price offered by the KOGAS-led group. The government [will] not sell below the stake’s acquisition price,” it added without elaborating further. Earlier estimates had put the stake’s value at US$200 million.
Aside from KOGAS, the other members of the consortium are Seoul City Gas, LG International Corp and Daesung Industrial Co Ltd.
