Basic Energy in talks with Malaysian firm for oil venture
MANILA, Philippines - Publicly listed Basic Energy Corp. is in talks with Petrosolve Sdn Bhd of Malaysia for the assignment to PT Basic Energi Solusi of the right to manage and operate certain oil wells in East Java, Indonesia.
PT Basic Energi is the foreign investment company incorporated in Indonesia by Grandway Group Ltd., the joint venture company of Basic Energy and Petrosolve.
In a disclosure to the Philippine Stock Exchange on Thursday, June 20, Basic Energy said their discussions involve the identification and selection of oil wells. Once Petrosolve gives the go signal, PT Basic Energy will manage and operate these wells.
Capitalized at 8.5 billion rupiah, PT Basic Energy will be the investment arm of the joint venture for various business opportunities in Indonesia. It is headquartered in Jakarta. - Rappler.com