Originally Posted by
travajante
Well, not just logistics. Shell's ex-honcho Ed Chua had this to say....
"Fyi, while the sale of Chevron and subsequently Shell shares in Malampaya to Udenna are private transactions, the key question is why PNOC didn't exercise its option to match. First in the Chevron sale where either Shell or PNOC had the right and option to match. Cusi's argument that it is risky for govt is not correct. It is a producing field. If banks were prepared to lend money to Udenna who has no experience in exploration and production and has very little capital, I'm sure banks would be more than happy to lend PNOC who has more experience and capital! Why are banks prepared to lend? Because the banks are secured with the assignment of the proceeds from the sale of Malampaya gas. This is a producing asset not on an exploratory stage. Therefore, No risk to the bank. For, UDENNA no money out and no cost. As they say, laway lang ang puhunan. If Udenna is given license extension, that would be a fantastic bonus, Pharmally equivalent but in USDollars! Cusi's explanation to Karen Davila about no change in company personality as it was a share sale was so out of this world [emoji43][emoji43][emoji43]. The question on energy security is, if banks would lend money to Udenna if they want to do exploration. I doubt it and this is where the country's energy security becomes a problem. Udenna may tap a Chinese SOC to provide funding and there goes both our energy security and overall country security 🤬🤬🤬. I.am assuming that Shell lost interest because govt didn't do anything to enforce the arbitral ruling from Singapore ICC and refused to act on the licence extension.
DOE's statements re Financial soundness are totally BS if not stupid. Cusi's claim that DOE reviewed the financial soundness and capability of Chevron Malampaya, but not Udenna because it is Chevron Malampaya which will remain as operator???? First of all, the operator is Shell not Chevron. Chevron was a shareholder. After both Chevron and Shell have sold their shares, they cease to be involved as it is the new owner who will operate the asset. The employees who are running the asset are transferred to the new owner. But I am aware that quite a number have left or will be leaving including the GM who resigned last month. Shell did not sign an operating agreement with Udenna. If I sold my restaurant to you will I still run it? I can transfer my staff to you but you now manage them and if they don't want to work for you, they can leave. You have to hire replacements. This deal is really terrible for the country. I don't know how these people can live with their conscience. Perhaps they don't have any."
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Originally Posted by travajante
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