Manila Bulletin
By Myrna M. Velasco
Published: May 28, 2013
Filipino firm Basic Energy Corporation has firmed up its overseas investment plunge in Indonesia for oil exploration-related ventures with the approval given by the host country’s Badan Koordinasi Penanaman Modal (BKPM), the company has noted in its disclosure to the Philippine Stock Exchange.
Through its initial tie-up with Malaysian firm Petrosolve Sdn Bhd, the parties were able to register in Hong Kong during the first quarter their foreign investment company Grandway Group Limited of which 70-percent interest is held by Basic Energy and the balance of 30-percent by Petrosolve.
For the targeted Indonesian ventures, the corporate vehicle set up by Grandway Group Ltd. is PT. Basic Energi Solusi, according to the Filipino listed firm.
The next step, Basic Energy said, will be for it to fund the required capitalization of 8.0 billion rupiah, which was recently approved based on their corporate registration under Indonesian laws.
It added that their business will primarily “involve the provision of oil well management services in connection with the operation, management and supervision of oil wells in Indonesia.”
Basic Energy expounded that the Indonesian business arm “will be supported by the technical and operations experience of Basic Energy in the operation and management of oil wells.”
Petrosolve, on one hand, will supplement that technical capacity with the chemical technology patent it owns. Its technology can enhance oil recovery as well as increase oil production.
“Business opportunities for the services to be offered by PT. Basic Energi Solusi exist in Indonesia,” the Filpino firm has emphasized.
It added that the newly-established Indonesian subsidiary “will pave the way for the identification of the various oil projects it will undertake” in that jurisdiction.
Long before its foray in Indonesia, Basic Energy first established its technical competence in upstream oil ventures in the Philippines through interests it held in various service contracts for oil exploration activities. source
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