Basic Energy Corporation (BEC) is a publicly listed holding company in the Philippines. It has business interests in various fields of renewable energy and alternative fuels, and oil and gas exploration and development.
Fifty years since it was established, BEC has undergone a dramatic transformation from an operating company into a holding company. Aligned with its primary purpose of developing alternative and renewable energy sources, it changed its corporate name to Basic Energy Corporation from Basic Petroleum Corporation in 2007.
BEC continues to fuel the Philippines’ vibrant energy sector with the breadth and depth of its projects and technical knowledge. It aims to be the leading developer of alternative and renewable energy, oil and allied products and services in the country.
SUBSIDIARIES & STRUCTURE
BEC is a holding company with equity investments in wholly owned subsidiaries that are key players in the country’s growth areas:
19 SEPTEMBER 1968
The company was incorporated on the Philippine Securities and Exchange Commission as Basic Enterprises, Inc.
Basic Enterprises, Inc. changed its name to Basic Petroleum and Minerals, Inc. It was listed 1972 on the Philippine Stock Exchange under the stock symbol ‘BSC’.
The company embarked on exploration and development of the Nido, Matinloc, West Linapacan, and Galoc Oil Fields in northwest Palawan in the Philippines.
Basic Petroleum and Minerals, Inc. changed its name to Basic Energy Corporation (BEC) to pursue the production of biofuels and the development of renewable energy resources such as the geothermal exploration in Mabini, Batangas.
BEC secured service contracts from the Department of Energy (DOE) for the exploration and development of geothermal resources in Mariveles, Bataan; Benguet, Mountain Province, Iriga, Camarines Sur and West Bulusan, Sorsogon; and for the development of four hydro-electric projects in Negros Occidental.
The company signed a joint operating agreement with partner Phinma Energy (formerly Trans-Asia Oil and Energy Development Corp.) for the Mabini, Batangas geothermal power project, followed by drilling operations. In the same year, Meta Corporation, a publicly listed firm in Thailand with stakeholdings in renewable energy investments in Japan and Myanmar, infused capital in BEC.
BEC invested in Solmax Taiwan for solar rooftop projects in Taiwan and in Innocent Biomass GK for a biomass power plant project in Saga Prefecture, Japan. It also obtained a 15% equity interest in Vintage EPC and VTE International, both Thailand based companies that provide EPC services for a 220-MW solar power plant project in Myanmar.
The company secured a service contract from the DOE for the development of a wind power plant project in Mabini, Batangas.
The company obtained SEC approval to double its capital to Php5 billion following the acquisition by MAP2000 Development Corporation (M2DC) of 67% of BEC’s outstanding and issued shares. BEC bought a 60% equity in Filoil Energy Corporation (FEC), the jointventure partner of Total Energies in local companies engaging in the supply, distribution, and marketing of petroleum products.
Solarization, Power Storage and EV-Charging Facility in Retail Stations
The Green Energy E-Transport Program (GEEP) of the Filoil Group is a holistic end-to-end renewable energy initiative that will promote the use of renewable energy and address the government’s program to modernize public utility transport in the country. BEC’s participation focuses on the installation of a solar system with battery storage and e-charging facility at the retail station where the modern e-buses will be parked and charged. The solar system will partly supply the electrical load requirement of the retail station cheaper than from the supply grid. The vision of the program is to engage a large network of retail stations across the archipelago in partnership with the various oil companies and transport operators to jumpstart the creation of e-charging access which should stimulate the demand for electric vehicles.
Mabini Wind Power Project
Mabini Energy Corp. (MEC), a wholly owned subsidiary of the Basic Energy Corp., was awarded by the Department of Energy (DOE) through its Wind Energy Service Contract 2021-01-142 on 17 March 2021. The contract provides MEC the exclusive rights to explore, develop, finance, and operate a wind power plant facility for a period of 25 years, inclusive of the 5-year pre-development stage within the Mabini Peninsula. Currently, MEC is undertaking a wind resource assessment (WRA) campaign in Barangay Bagalangit in the Municipality of Mabini, Batangas. The company is targeting the commercial operation of the plant by Y2027 involving at least 10 wind turbine generators with capacity of 50 Megawatts.
Iriga Geothermal Energy Project
Through the Iriga Geothermal project, where BEC has a 20% participating interest, the company can explore the potential of the country’s geothermal resources and contribute to boosting renewable energy supply. Located in Iriga, Camarines Sur province, the project is currently in the pre-development stage. Project operator DESCO Inc., which has an 80% participating interest, is conducting site preparation and permitting activities which were stalled when the country enforced quarantine and health restrictions due to the COVID-19 pandemic. DESCO is targeting the drilling of the first exploratory well by the end of 2022 after obtaining local and national permitting works. It will then assess the geothermal reserve of the project and its viability to support a geothermal plant operation.
BEC invests in real property to support its business in addition to pursuing opportunities in the extractive industry and fulfill its vision to become a major supplier of renewable and alternative energy and allied products and services in the Philippines.
To be a catalyst for economic growth throughout the Philippines by creating a holistic energy-based ecosystem consisting of traditional and renewable/alternative sources of energy and its related businesses.
Basic Energy aims to create and sustain value for all its stakeholders by providing innovative, reliable, dependable and affordable products and services; fostering an environment for growth, creativity, and motivation for its employees; and generating awareness and involvement in the communities its serves.
Fueling the lives of every Filipino through a holistic energy platform.
Values: Guiding principles
Economic viability and sustainability
Transparency and accountability
Good business ethics
DIRECTORS AND EXECUTIVE OFFICERS
Board of Directors
|Ramon F. Villavicencio (Profile)||- Chairman|
|Manuel Z. Gonzalez (Profile)||- Vice-Chairman|
|Oscar L. de Venecia, Jr. (Profile)||- Director|
|Luisito V. Poblete (Profile)||- Director|
|Beatrice Jane L. Ang (Profile)||- Director|
|Ramon L. Mapa (Profile)||- Director|
|Jaime J. Martirez (Profile)||- Director|
|Ma. Rosette Geraldine L. Oquias (Profile)||- Director|
|Kim S. Jacinto-Henares (Profile)||- Independent Director|
|Andres B. Reyes, Jr. (Profile)||- Independent Director|
|Jose C. de Venecia, Jr.||- Chairman|
|Oscar S. Reyes||- Vice-Chairman|
|Seiichi Wada||- Member|
|Jose P. de Venecia III||- Member|
|Gabriel R. Singson, Jr.||- Member|
|Reynaldo T. Casas||- Member|
|Francis C. Chua||- Member|
|Supasit Pokinjaruras||- Member|
|Oscar L. de Venecia, Jr. (Profile)||- Vice-Chairman and CEO|
|Luisito V. Poblete (Profile)||- President and COO|
|Gwyneth Ong||- Corporate Secretary|
|Dominique P. Pascua (Profile)||- Compliance Officer|
|Alain S. Pangan (Profile)||- Vice President- Finance|
|Darius Efren A. Marasigan||- Business Development and Risk Management Officer|