Basic Energy sets up Indonesian oil well management firm
Tuesday, May 28 2013 - 03:27 AM WIB
Grandway Group Limited, the joint venture of Philippines-based firm Basic Energy Corporation and its Malaysian partner Petrosolve Sdn Bhd, has obtained regulatory approval of the registration of its investment in a foreign investment company to be established in Jakarta, named PT Basic Energi Solusi.
Grandway Group Limited is 70 percent owned by Basic Energy and 30 percent by Petrosolve.
PT Basic Energi Solusi, which shall be owned by Grandway Group Limited up to 95 percent of its capital, in compliance with Indonesian laws, has an approved capitalization of Rp8 billion, to be fully funded by Basic Energy Corporation, a statement from Basic Energy said on Monday.
Its business will involve the provision of oil well management services in connection with the operation, management and supervision of oil wells in Indonesia. The company will be supported by the technical and operations experience of Basic Energy Corporation in the operation and management of oil wells and a chemical technology patent owned by Petrosolve Sdn Bhd for enhanced oil recovery and increased oil production.
Editing by Dadan Wijaksana