Philippines denies gas deal involving Rodrigo Duterte ally Dennis Uy was corrupt
- The energy ministry said the sale of an oil and gas concession to Udenna Corp was ‘above board’ and a corruption complaint was speculative and malicious
- Uy, the biggest contributor to Duterte’s presidential campaign in 2016, has rapidly expanded his business interests since then
Udenna Corp, a conglomerate controlled by tycoon Dennis Uy, a close associate of Duterte, made a sale and purchase agreement with Chevron in late 2019 for a 45 per cent stake in the country’s Malampaya gas-to-power project, valued at US$565 million.
The Department of Energy (DOE) said the corruption complaint, which was filed by a group of “concerned citizens” on Monday, was groundless.
“The case is speculative, without basis and malicious. The questioned transaction is above board,” it said in a statement.
The deal was subject to a Senate inquiry into questions over Udenna’s technical and financial ability to operate the project, with some senators expressing doubts about the soundness of the DOE’s financial evaluation of the buyer.
The inquiry though has yet to be concluded. The DOE cleared the Udenna-Chevron transaction in April.