LISTED property developer and agribusiness firm A Brown Company said on Wednesday it has entered into a cooperation agreement with Russia-based non-commercial organization Rusatom International Network (RAIN) to develop economic, scientific and technical cooperation for the peaceful use of atomic energy.
Likewise, the cooperation includes the joint exploration of possible areas of application of radiation technologies in industry, agriculture and medicine.
“A Brown welcomes this new opportunity to come up with more diverse solutions toward the improvement of the lives and livelihoods of Filipinos,” A Brown President and Chief Executive Officer Roel Castro said in a disclosure to the Philippine Stock Exchange (PSE).
“This cooperation agreement with RAIN is very much in alignment with President Rodrigo Duterte’s government platforms, as well as our company’s commitment to constantly explore business avenues that would facilitate nation-building,” he added.
A Brown is a key player in the real estate and agribusiness industry in Mindanao with investments in mining, infrastructure, and energy, including the 2×135 megawatt (MW) coal-fired Palm Concepcion Power Corp. in Iloilo, and the 55-MW bunker-fired Peakpower Energy Inc. serving various electric utilities in General Santos, Agusan del Sur, and part of Bukidnon.
With A Brown’s latest undertaking, Castro said the two companies are looking forward to developing various projects to create a stronger, more economically robust Philippines.
RAIN President Alexander Merten said the memorandum of understanding is one of the first steps in implementing the agreements reached between the two countries during the meeting of the two presidents, Vladimir Putin and Rodrigo Duterte.
“It opens up great prospects for mutually beneficial cooperation in the development of innovative technologies in the nuclear field,” Merten said.
Last November, A Brown entered into an MOU with Malaysia’s AlloyMTD for the proposed PNR East-West Rail Project through East West Rail Transit Corp., the consortium formed by A Brown with Systra Philippines (of France’s Systra Group) and Private Equity Investment and Development (PEID) Corp.
RAIN is a non-commercial organization under the control of Rosatom State Corp., which decides on the creation, development and management of a network of regional centers.
The company’s structure consists of 11 regional centers, the main goals of which are to search new possibilities for business expansion and promote products and services offered by Russian organizations in the nuclear sector.