Listed Basic Energy Corp. has disclosed that it will be bidding for the government’s remaining shares in PNOC-Energy Development Corp., the world’s second-largest geothermal power producer.

In a statement to the PSE on Thursday, Basic Energy said it has submitted a letter of intent to participate in the bidding of the PNOC-EDC shares.

“Basic Energy plans to form a PNOC-EDC bid consortium to be made up of local and international companies and institutions in energy development and finance to pursue the bid for the 60 percent stake in the geothermal subsidiary of the Philippine National Oil Company,” Basic Energy said.

Earlier the board of PNOC-EDC said the retirement fund’s shares, equivalent to a 13-percent stake in the company, and the government’s 47-percent stake would be sold as a block to give the buyer the controlling stake in the geothermal company.

The government plans to raise up to P36 billion from the share sale, which will be used to augment the country’s budget deficit.

Source: http://www.gmanetwork.com/news/story/61413/economy/companies/basic-energy-to-bid-for-gov-t-stake-in-pnoc-edc