The board of directors of Basic Energy Corporation has elected Ramon Villavicencio as its new chairman following its acquisition of Filoil Energy Corporation last week.
Basic Energy disclosed to the Philippine Stock Exchange on December 10 that it bought 60% of Filoil to signify its revived interest in the downstream oil industry. Back in May, real estate firm MAP 2000 Development Corporation (M2DC) acquired 67% of Basic Energy.
M2DC is the parent firm of Filoil, which Villavicencio both owns. He takes over as Basic Energy’s chairman from the late Oscar De Venecia, Sr., who passed away last October. Villavicencio is also a director of San Miguel Corporation.
Villavicencio currently sits as chairman of the Independent Philippine Petroleum Companies Association. He holds a Master’s degree in Business Administration and Bachelor of Science degree, both from De La Salle University.
“Mr. Villavicencio, an astute businessman, established leader, and industry pillar, will bring his long years of experience to help steer Basic Energy Corporation into new heights. His trailblazing and pioneering spirit is evident in his accomplishments; some of note are in the fields of oil recycling, hydro fuel technology and blended biodiesel,” the company said in a statement.
“His influence in promotion of biofuels has been instrumental in triggering the enactment of the Biofuels Act of 2006. His extensive understanding of the downstream oil industry aligns perfectly with the goals of the Company as it revives its interest in this facet of the oil energy sector. This will propel the Company towards its vision of becoming a total energy company that provides truly end-to- end services in renewable energies, upstream and downstream oil industry,” Basic Energy added.
Earlier this month, Basic Energy named former Manila Electric Company (MERALCO) President Oscar Reyes and former Shell executive Reynaldo Gamboa as chairmen of subsidiaries Basic Renewables, Inc. and Mabini Energy Corporation, respectively.