Published June 7, 2017, 10:01 PM By Myrna M.
Velasco
De Venecia-led Basic Energy
Corporation is scheduling ‘due diligence process’ to an investment tie-up with
Hongkong firm Solmax Power Limited for potential solar venture in Japan.
Basic Energy Senior Vice President
Anthony L. Cuaycong said they will be undertaking “due diligence for Solmax and
its solar projects in Japan.”
The basic requirement to this,
however, would be for Basic Energy to post ‘refundable earnest deposit’,
according to the company executive.
The firm’s board of directors
approved on Wednesday (May 31) the placement of ‘refundable deposit” for the
targeted Solmax venture.
Cuaycong has not divulged the amount
and the extent of equity or business interest they have been looking at with
Solmax, but he expounded that after taking a look at the Hong Kong firm and its
projects, “if we are satisfied, our deposit will be turned into equity.”
Basic Energy had been on the lookout
for various opportunities in renewable energy investments – and had generally
been seeking tie-ups with some foreign players.
Additionally, the company noted it
will be renegotiating its business deal with Indonesian partner PT Ekamaro for
petroleum concession in Cepu block along East Java.
Basically, the firm noted that it
sought “extension of the cooperation between PT BES, a subsidiary of Basic
Energy, for its Cepu, Indonesia project with PT Ekamaro until October 31,
2020.”
Cuaycong explained that the deal
already has an existing agreement, but it will be expiring around October this
year. Hence, there is a need to pursue some renegotiation process on its
extension.
Basic Energy has been pursuing
various oil exploration ventures in Indonesia and the business tie-up with PT
Ekamaro had just been one of these undertakings.
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