Basic Energy Corporation has announced the demise of its Chairman Oscar De Venecia, Sr. on Wednesday night at the age of 89.
De Venecia was father of Basic Energy President and CEO Oscar De Venecia, Jr. and the brother of former House Speaker Jose De Venecia, Jr.
The late De Venecia has been at the helm of the 53-year-old listed firm since 2009. Basic Energy is into in renewable energy and alternative fuels, as well as in oil and gas exploration.
Oscar Sr’s passing comes at the time when the company has laid out its vision to become “a total energy company,” with its upcoming acquisition of Filoil Energy Co. Inc. and real estate firm MAP 2000 Development Corporation’s (M2DC) investment in Basic Energy.
M2DC is the parent firm of Filoil. Both firms are owned by San Miguel Corporation director Ramon Villavicencio.
“The decision to eventually invest in [Filoil], a downstream oil participant, will culminate the [company’s] objective to become a complete energy enterprise with end- to-end activities from the upstream oil business, renewable energies or alternative power sources, and downstream gas and oil business and allied logistics services,” Basic Energy said in a statement earlier on Wednesday.
“The investment into the downstream oil business would allow the [company] to grow and build a robust project portfolio and is seen to bring in revenues in the short to medium terms through its indirect interest in the operating assets, property assets and retail stations under [Filoil], thereby enhancing shareholder value,” it added.
Basic Energy said talks are still under way between the parties to finalize the definitive agreements.
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