Ashurst advises ANZ and ING on the financing of Udenna Corporation's acquisition of Chevron's 45% stake in the Malampaya gas field in the Philippines

The Malampaya gas field is developed and operated by Shell Philippines Exploration BV, which also has a 45% interest.  The acquisition marks an important milestone for Udenna, and is understood to fit strategically with Udenna's long-term ambitions of developing a sustainable energy business in the Philippines.

Lead partner Alfred Ng comments, "We are very pleased to have advised long-standing clients of the firm, ANZ and ING, on the financing of this acquisition, which is a significant transaction in the Philippines and regional oil & gas sector, and moreover an important milestone for the Udenna Group."

The Ashurst group advised the MLABs on all English, Singapore and New York law aspects of this transaction (including complex hedging arrangements) via a cross-border team of energy and financing experts based in Singapore, Hong Kong and New York. The Ashurst team was led by Alfred Ng, supported by partners Jean Woo and Mike Neary. Partner Christopher Whiteley advised on the hedging aspects of the financing.