Basic Energy to undertake reorganization

BASIC Energy Corp. announced Friday it is undertaking reorganization to fast-track the development of renewable energy projects.

Basic said in a disclosure to the stock exchange its board appointed Oscar de Venecia Jr. as one of the vice-chairmen.

“With the board’s decision to fasttrack and move on with new and various wind and solar projects, Mr. De Venecia will take the lead in the areas of business development and marketing,” it said.

The company said De Venecia would promote and strengthen relationships with shareholders, investors and stakeholders.

“As a young blood in the board’s helm, he will provide vigor and dynamism in steering the various existing and future projects of the company to fruition,” Basic said.

De Venecia will turn over his position as president and chief executive at the end of the year to Luisito Poblete, who will pursue the company’s expected growth.

Poblete is the chief operating officer of Basic in charge of operations, and before joining the company, was president and managing director of Total (Philippines).

“This teamwork and re-alignment are expected to make the company well-equipped and thus ready to face the challenges of the coming years and achieve the targeted business growths aimed at making the company a truly pioneering energy development company,” the company said.

The board also approved the additional budget of P12.2 million for Mabini Energy Corp.’s wind project in Batangas to deploy LIDAR equipment.

LIDAR is a remote sensing method that uses light in the form of a pulsed laser to measure ranges (variable distances) to the earth.

The equipment will further enhance data gathering of wind resource assessment and expand the coverage over the existing wind mast already installed, it said.