Basic Energy and Prime Energy Consult sign agreement

Filipino-owned Basic Energy Corp. and Dubai-based Prime Energy Consult Ltd., have recently signed a memorandum of understanding (MOU). The investment deal is an agreement between the two companies to develop business opportunities in oil and gas projects. Basic Energy is an established player in the upstream oil and gas. It plans to venture into geothermal, biomass and hydropower development. It has plans to build a P2.8 billion (US$64.7 billion) bioethanol facility in Zamboanga del Norte, which will be a fully integrated project. Prime Energy offers technical advisory and consulting services for the oil and gas industry. (September 18, 2011)