Basic gets Indian partner for bioethanol

Basic Energy Corporation is tying-up with Trio-Chem Group of Companies, a technology and equipment supplier of clean environment and sustainable development projects and processes based in India. In a disclosure to the Philippine stock Exchange Tuesday, Basic said it has signed memorandum of understanding with Trio-Chemto establish a business relationship for the development of an integrated feedstock farm and bio-ethanol plant and related facilities in the Philippines.The MoA also includes a commitment by Trio-Chem to invest up to $500,000 in the cassava plantation project of Basic’s subsdiary Basic Ecomarket Farms in Zamboanga. Basic has also signed an agreement with another potential foreign investor in its planned biofuel and renewable power projects. The firm said it has signed a memorandum of understanding with MAN Ferrostaal Industrieanlagen GmbH to pursue the development of alternative fuels and renewable energy projects in the Philippines. Basic said MAN will explore the possibility of investing directly in the shares of Basic and, possibly, acting as EPC contractor for its bioethanol projects. MAN 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. Basic Energy Corporation had also named Canada-based Nexum Energy Corporation as one of its possible strategic operating and financial partners for the development of bio-fuels projects in the country. (July 1, 2009)