Basic Energy, Aussie firm ink deal for renewable energy projects

MANILA, Philippines - Basic Energy Corp. has inked an agreement with Australia’s Energy 2035 Ltd. to jointly explore opportunities to develop renewable energy sources in the Philippines.

Energy 2035 is engaged in the development of renewable energy in Australia, New Zealand and the Asia Pacific region. It aims to be a major supplier of both solid and liquid biomass fuels to European and North Asian markets.

In a disclosure to the Philippine Stock Exchange yesterday, Basic said the memorandum of understanding is non-exclusive and non-specific to a project but will seek to identify opportunities that may be of interest to both parties using its networks in the Philippines and in the international energy business.

The company intends to develop modern, efficient technologies for biofuel and bio component production using a wide selection of non-edible feed stock and industrial waste in the biofuel production process in the most environmentally friendly way.

Basic Energy, on the other hand, wants to be a major instrument in the country’s drive for energy self-sufficiency through clean, efficient and reliable energy sources.

Basic Energy earlier signed an agreement with another Australian firm, New World Energy Ltd., to also jointly undertake the development of its Mabini geothermal energy project.

New World Energy has existing geothermal energy exploration projects within Australia and formed Geoenergy together with local partners Filtech Energy Drilling Corp. and PhilCarbon Inc. to acquire, explore and develop geothermal energy resources in the Philippines for power generation.

Basic Energy is also into oil and gas exploration through wholly-owned subsidiaries Basic Petroleum & Minerals Inc. (BPMI), an oil and gas exploration and mining company; Basic Diversified Industrial Holdings, Inc., an investment holding company; and iBasic Inc., an information technology management company and service integrator. It also owns 72.58 percent of Southwest Resources Inc., an oil exploration company.

Its two other wholly-owned subsidiaries include Basic Biofuels Corp., which is into the development of biofuels, and Basic Ecomarket Farms Inc., which is into agriculture, focusing initially on cassava development and production.

Basic Energy is presently a party, together with other oil exploration companies, in the exploration, development and production of contract areas in Service Contract 47 in offshore Mindoro and Service Contract 53 in onshore Mindoro.