Philex May Spin Off Gas Field Comparable to Malampaya (Update2)
June 7th, 2010
Filed under: Operator - Philex
Frank Longid and Cecilia Yap
June 3 (Bloomberg) — Philex Mining Corp., the Philippines’ biggest miner, may spin off hydrocarbon assets, including 70 percent of a gas field that could cut the number of power failures in the nation.
The “initial indications” are that the undeveloped field is similar in size to Royal Dutch Shell Plc.’s Malampaya gas field, Philex Chairman Manuel Pangilinan said in an interview in Hong Kong yesterday. “The plan is really to spin off the hydrocarbon assets into a Philex energy company away from the mining business,” he said.
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