Basic Energy Corp. expressed optimism about its business prospects with the entry of MAP 2000 Development Corp. as its new major shareholder.
The company said Wednesday the appointment of two key executives in two subsidiary companies would help drive future growth.
Basic Energy said that with M2DC at the helm, it would continue to look for viable projects aimed at providing revenue streams in the short, medium and long terms.
Basic said it agreed to invest in FilOil Energy Company Inc. for a 60-percent ownership interest.
FECI is the joint venture partner of Total Marketing Services, the Philippine subsidiary of Total France.
The company said the investment would give Basic indirect ownership in the joint venture companies of FECI and TMS, namely FilOil Logistics Company; Total Philippines; and La Defense Filipinas Holdings Inc.
Basic said it would be again involved in the downstream oil and gas sector as well as in the midstream oil and gas sector.
The company said that upon the entry of Basic into FECI, both groups will work together towards bringing renewable energy systems into the operations of FECI and beyond.
Basic Energy aims to create a new and improved business model with the use renewable energy at the forefront.
Basic president Oscar de Venecia Jr. said the company would pursue the Mabini Wind Energy Project in Mabini, Batangas.
The company’s joint shareholders and board directors of subsidiaries including two wholly -owned companies—Mabini Energy Corp. and Basic Renewables Inc.—announced key appointments.
Oscar Reyes and Reynaldo Gamboa were elected as chairman of Basic Renewables Inc. and Mabini Energy Corp., respectively.
Reyes is the former president of Manila Electric Company and served as country chairman of the Shell Companies in the Philippines, president of Pilipinas Shell Petroleum Corp. and managing director of Shell Philippines Exploration B.V.
Gamboa also had ties with the Shell Group of Companies and served the group for over 31 years handling senior executive positions most notable being Shell’s former vice-president for corporate affairs.
Gamboa is the president and CEO of Link Edge Inc. and serves as the chairman of the board of trustees of the Philippine Collegiate Championships League and the nominations and membership committee of the Samahang Basketball ng Pilipinas.