Udenna Corp. subsidiary UC Malampaya Philippines Pte. Ltd. completed its previously announced acquisition of a 100% stake in Chevron Philippines Ltd. unit Chevron Malampaya LLC, which owns a 45% nonoperated interest in the Malampaya Deep Water Gas-to-Power project offshore Palawan in the Philippines, GMA News reported March 11.

The Philippine Competition Commission had approved the deal in February, GMA News reported.

"This strategic move enables Udenna to become a joint venture partner in an energy asset of national significance," GMA News cited Udenna as saying. "For over two decades, Malampaya has been the cornerstone of the country's gas industry and continues to service approximately 30% of the national demand for electricity."

Royal Dutch Shell PLC will still be the operator of the Malampaya project, which is 50 kilometers offshore Palawan, according to the report.

The Malampaya project is operated by a joint venture led by Shell subsidiary Shell Philippines Exploration BV, joined by Chevron Malampaya and the Philippine National Oil Co.

Chevron Philippines is a subsidiary of oil major Chevron Corp. Udenna is based in Davao, Philippines, and distributes petroleum products, among other businesses.