Grandway Group Ltd. has obtained approval from Indonesia’s Investment Coordinating Board, the Badan Koordinasi Penanaman Modal, for the registration of its investment in PT. Basic Energi Solusi to be established in Jakarta, Indonesia.

Grandway is a joint venture company of Basic Energy Corp. and Petrosolve Sdn. Bhd., with 70 percent owned by Basic Energy,and 30 percent owned by Petrosolve. Grandway was established in Hong Kong in the first quarter of 2013.

In a disclosure to the Philippine Stock Exchange, Basic said, “Its (PT. Basic Energi Solusi) business will involve the provision of oil well management services in connection with the operation, management and supervision of oil wells in Indonesia.”

Grandway shall be own up to 95 percent of PT. Basic Energi Solusi, which has an approved capitalization of 8 billion rupiah, to be fully funded by Basic.

The newly-established Indonesia-based firm will be supported by the technical and operations experience of Basic, in the operation and management of oil wells while the chemical technology patent owned by Petrosolve will enhance oil recovery and increase oil production.

Petrosolve is a company registered in Malaysia and is engaged in the business of oil field services including the application of chemicals for increased oil production and the development of oil and gas fields and wells.

Basic earlier said its, joint venture will Petrosolve was a strategic alliance, with each party contributing their respective network, expertise and experience in oil and gas exploration, development and production, and thus enable the parties to expand their respective operations globally.

“We partnered with Petrosolve to look for projects. We are still looking at potential projects, but its not necessarily in the Philippines. It could be outside (of the Philippines),” Basic president Oscar de Venecia Jr. said earlier.

Basic has been pursuing partnerships to expand its business both in the oil and gas and renewable energy industry. — DVM, GMA News

Source: http://www.gmanetwork.com/news/story/310314/economy/companies/basic-energy-malaysian-partner-establish-indonesian-oil-well-management-firm