The Philippine Star, July 14, 2010

 An affiliate company of Phoenix Petroleum Philippines, Inc., the Udenna Management & Resources Corp. (UMRC), has won the bid for the 116-megawatt (MW) Subic diesel power plant (SDPP). The bidding was conducted on July 13, 2010.

SBMA auctioned off the SDPP after it was turned over by the Power Sector Assets and Liabilities Management Corp. (PSALM) last year.

The plant was commissioned in 1994 through a build-operate-transfer agreement between National Power Corp. and Enron Corp.

UMRC owns minority shares at publicly-listed Phoenix Petroleum, one of the most aggressive independent oil companies in the country.

Phoenix Petroleum is 68 percent-owned by Phoenix Petroleum Holdings Inc. The rest of the company’s shares are owned by Udenna Corp., Udenna Management and Resources Corp., Udenco Corp., and certain individuals.