MANILA, Philippines- Metro Pacific Investments Corp., the local unit of Hong Kong conglomerate First Pacific Co. Ltd., has signed a memorandum of agreement that will allow it to explore opportunities in the energy and bio-fuels sector.

In a statement, MPIC said it signed a memorandum of understanding with listed Basic Energy Corp. and Basic Biofuels Corp. “to assess the viability of establishing a joint venture company that would engage in the production of ethanol and other related alternative fuels.”

The agreement covers Basic’s ethanol projects in Zamboanga del Norte and South Bukidnon.

“If the due diligence results are positive, the parties will then pursue a basic framework for collaboration, cooperation and coordination in the establishment of the joint venture, preparatory to further discussions on a more definitive agreement between the parties,” MPIC said.

In a telephone interview, Melody del Rosario, MPIC assistant vice president for media & corporate communications, said the MOU was part of the company’s direction this year to explore other investment opportunities.

MPIC has stake in Maynilad Water Services Inc., which supplies water to Metro Manila’s west zone, and Makati Medical Center. It is also engaged in property development through unit Landco Pacific Corp.

Manuel V. Pangilinan, MPIC chairman, said the company will pursue opportunities in the areas of natural resources, infrastructure, health care and hotel business. GMANews.tv

Source: http://www.gmanetwork.com/news/story/106162/economy/mpic-eyes-investment-in-biofuels-sector