Basic Energy Forging $2-B JV

Basic Energy Corp. is forging a $2-billion joint venture with foreign investors, including a Chinese group, for the development of renewable energy sources and an oil and gas exploration projects.

A very reliable source said a memorandum of agreement is expected to be signed in the first semester this year for the RE project while the agreement for gas and oil project by the second quarter. Each project could fetch $1 billion for a total of $2 billion worth of investments.

''It will be a 60-40 joint venture in favor of Basic,'' the source said. The RE project is expected to generate a total of 200 megawatts.

The source said the oil and gas exploration project is located within the Philippine baseline that was submitted to the United Nations.

Based on the company's ''Investment Opportunities'' document, Basic was awarded by the Department of Energy on July 10, 2008 the Mabini Geothermal Service Contract applications.

Through its contractor Filtech Energy Drilling Corp., Basic has already completed the preparation of the pre-feasibility study of the Mabini Geothermal Project. Initial studies indicate the existence of a low-temperature resource that could be suitable for small-scale power generation using binary units.

The company is also a holder of the Geothermal Renewable Energy Service Contract that involves four mini geothermal sites located in East Mankayan (Benguet), Mt. Iriga (Camarines Sur), Mt. Mariveles (Bataan) and West Bulusan (Sorsogon).

The document also identified six rivers with ten applications for mini-hydro plants in Negros Occidental. These rivers are Bago River in San Carlos City, Binalbagan River, Himogaan River, Malogo River, Puntian River and Talabaan River.

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