Grandway Group Ltd., the joint venture company of Basic Energy Corp. and Petrosolve Sdn Bhd, recently bagged the approval of the registration of its investment in a foreign holding company to be established in Jakarta, Indonesia, named PT. Basic Energi Solusi.
Grandway Group, which was established in Hong Kong in the first quarter of this year, obtained the registration approval for the establishment of PT. Basic Energi Solusi from the Badan Koordinasi Penanaman Modal (BKPM) of Indonesia.
Grandway Group is 70-percent owned by Basic Energy and 30-percent Petrosolve.
PT. Basic Energi Solusi, which shall be owned by Grandway Group up to 95 percent of its capital in compliance with Indonesian laws, has an approved capitalization of 8 billion rupiah, to be fully funded by Basic Energy.
According to Basic Energy, 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 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,” the Filipino company further said.
Basic Energy specified that business opportunities for the services to be offered by PT.
Basic Energi Solusi exist in Indonesia, adding that the approval by the BKPM of Indonesia of the joint venture’s investment in PT. Basic Energi Solusi will pave the way for the identification of the various oil projects it will undertake in the Southeast Asian country.