PH oil, gas firm’s venture in Indonesia gets regulatory approval

The joint venture between Philippine oil and gas firm Basic Energy Corp. and Malaysian firm Petrosolve Sdn Bhd got further approval in the establishment of a company in Indonesia with an initial capitalization of 8.5-billion rupiah, or approximately $858,500.

A disclosure to the Philippine Stock Exchange (PSE) on Tuesday showed that Grandway Group Ltd., the joint venture firm of Basic Energy and Petrosolve, recently received the endorsement of the Ministry of Law and Human Rights on the Deed of Establishment of PT Basic Energi Solusi, the foreign investment company of the joint venture in Indonesia.