RP’s Basic Energy seeks ethanol investors

Philippine company Basic Energy Corp. will push through with its venture into bioethanol, but is still looking for investors and ways to raise funds. Together with partner Eco-marketfarms Inc., Basic Energy plans to develop, build, own, and operate a 200,000 liters per day ethanol plant in the Zamboanga Peninsula in Mindanao island group using cassava as feedstock. They have already started the nursery for the Php12.5 million-worth (US$261,471) ethanol plant, Basic Energy said, but are still discussing how to move forward with the construction of the plant itself. Basic Energy has also signed an agreement with German oil, gas, and infrastructure firm MAN Ferrostaal Industriean-lagen GmbH, wherein the latter would explore the possibility of investing directly in shares of Basic Energy and acting as the engineering, procurement and construction contractor for Basic Energy’s bio-ethanol projects. (April 6, 2009)