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Ports and Casino Tycoon Enrique Razon Jr. Pushes Through Cebu Dam Project, Successfully Purchases Malampaya Gas Field

FILE PHOTO: Enrique Razon, businessman and owner of casino operator Bloomberry Resorts, listens to a question during a stockholders meeting' in Manila June 24, 2013.  REUTERS/Romeo Ranoco (PHILIPPINES - Tags: BUSINESS)

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Enrique Razon Jr., one of the countries top tycoons who handles ports and casino businesses, already coordinated with Mayor Michael Rama of Cebu City with regards to building a dam in one of the mountain barangays located there.

Photo from International Container Terminal Services Inc.

In a letter submitted to the mayor last Oct. 19, 2022, the chief executive officer of Manila Water Philippine Ventures (MWPV), Melvin John Tan, stated that the letter of intent (LOI) serves to formalize the subsidiary of Manila Water Company Inc.’s (Manila Water) aim to submit an Unsolicited Proposal with regards to making use of the Mananga River for the said project.

February 2023 will be their target submission date. Tycoon Razon officially headed Manila Water after he gained 51% voting interest via Razon’s Prime Strategic Holdings’ subsidiary, Trident Water, when a a total of 10.7 billion worth of shares were purchased.

Photo from Bloomberg taken by Patrick T. Fallon

It was Mayor Michael Rama who asked help from Razon, whom he met during his trip to the National Capital Region to procure investments for the city government’s initiatives. As it stands, a private supplier sells water for P32 per cubic meter to the Metropolitan Cebu Water District (MCWD).

Rama’s city officials said that once Razon’s dam is built, he would only sell it for P20 per cubic meter to MCWD. Tycoon Razon’s future investment also includes a P200 billion stake in Terra Solar Philippines, which was confirmed by the company’s top executives last Thursday.

Photo from Bloomberg taken by Veejay Villafranca

Terra Renewables president and chief executive Guillaume Lucci affirmed that the billionaire’s company, Prime Infrastructure Holdings Inc. (Prime Infra), as well as its partner, will support this novel approach to generating power.

“Prime Infra is committed to do its part in accelerating the clean energy transition and strengthening the country’s energy security,” said Lucci. This led to a 20-year power supply agreement (PSA) between Prime Infra and Meralco.

Photo from Reuters taken by Romeo Ranoco

Another win for Filipino billionaire Razon’s Prime Infra is it’s acquisition of the Malampaya gas field this November 1. “This sale completion transfers control of Shell Philippines Exploration (SPEX) from Shell to Prime Infra effective November 1, 2022. SPEX staff will continue their employment under the new ownership,” Shell said today.

There is still two months left in the year 2022. It would not come as a surprise if he’ll make his Christmas merrier by closing even more deals.

*Cover Photo/Thumbnail Photo from Reuters taken by Romeo Ranoco

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