Basic Energy Corp. partners with Thai firm on renewable energy development

As reported from the Philippines, Basic Energy Corp. said it has entered into a subscription agreement with Thailand-based Vintage Engineering Public Co. Ltd. (VTE), a publicly-listed company in Thailand, “for a strategic partnership to pursue the exploration, development and production of renewable energy resources, in the Philippines and abroad.”

The companies signed an initial MOU in October 2016 on a strategic partnership. Under the deal, VTE has a right to invest in the Mabini geothermal power and other projects. Both companies are interested in the projects of each other.

Originally in the business of construction and engineering, VTE has diversified its operations as an engineering, procurement and construction contractor, an operations and management operator.

Basic Energy, on the other hand, has business interests in various fields of renewable energy and alternative fuels, as well as oil and gas exploration and development.

Basic Energy Corp. has five geothermal service contracts in the Philippines. The contracts are the Mabini Geothermal Service Contract (SC) in Batangas, East Mankayan Geothermal Prospect in Ifugao, Mt. Mariveles Geothermal Project in Bataan, Mt. Iriga Geothermal Project in Albay and West Bulusan Geothermal Prospect in Sorsogon.

The Batangas project is the most advanced of the company with exploration drilling currently under way. The development is in partnership with Trans-Asia Oil and Energy Development Corp. to develop the resource.

Source: Wellston Journal