Local firm partners with German company for bioethanol project

MANILA, Philippines - Listed Basic Energy Corp. on Friday disclosed that it identified a Germany-listed company as another partner for the development of renewable energy projects in the Philippines. In a disclosure, Basic Energy said it signed a memorandum of understanding with MAN Ferrostaal Industrieanlagen GmbH to pursue the development of alternative fuels and renewable energy projects in the Philippines. "MAN is the second foreign company that Basic Energy has identified to be one of its strategic operating and financial partners," Basic Energy said. In a separate statement from Basic Energy, the company said MAN will explore the possibility of investing directly in the shares of Basic Energy and, possibly, acting as engineering, procurement and construction (EPC) contractor for its bioethanol projects. MAN Ferrostaal Industrieanlagen GmbH is the industrial plants subsidiary of MAN Ferrostaal AG, a member of the DAX-listed MAN AG Group which is one of Europe ’s foremost industrial players and a worldwide supplier of industrial services. Earlier this month, Basic Energy signed an accord with Canada ’s Nexum Energy Corp. on joint plans to develop, build, own, and operate a 200,000 liters-per-day ethanol plant using cassava as feedstock. The ethanol plant is also being planned to produce up to 8 MW of green power, natural gas and organic fertilizers. Basic Energy also revealed that it will be deferring a follow-on offering 3 billion common shares in light of the financial turmoil that’s affecting the global capital markets. GMANews.TV