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Basic Energy to ink supply deal with cassava producer

Philippines Basic Energy Corp. (formerly Basic Petroleum Corp) will ink a supply agreement with a cassava development and production company in Zamboanga for its ethanol feedstock requirements. In a disclosure to the Philippine Stock Exchange, Basic Energy said that its board of directors gave the green light for talks on a possible joint venture with the unidentified company for the said purpose. Basic Energy unit Zambo Norte BioEnergy Corp. is developing the Php2.8 billion (US$62.92 million) ethanol facility, which is expected to come on stream by 2011. (May 29, 2008)