The board of directors of Basic Energy Corp. has chosen Ramon F. Villavicencio as its new chairman during a regular meeting on Dec. 15, the company told the stock exchange on Friday.
The company described Mr. Villavicencio as “an astute businessman, established leader, and industry pillar, [who] will bring his long years of experience to help steer [the company] 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,” it added.
Mr. Villavicencio, who is also a director in San Miguel Corp. and Bioenergy 8 Corp., graduated from De La Salle University with a degree in Bachelor of Science in Commerce and a Masters in Business Administration.
In October, Basic Energy’s former chairman Oscar C. de Venecia Sr. passed away at the age of 89.
The company said Mr. Villavicencio is also the chairman of the board of directors of Insular Oil Corp., the Independent Philippine Petroleum Companies Association, and had served as president of the Philippine Venezuelan Economic Council from 2011 to 2012.
Basic Energy added that his experience will push the company nearer to its goals of reviving its interest in the downstream oil industry.
The company also announced in October its plan to acquire 60% of Filoil Energy Co. Inc.
On Dec. 7, the parties executed a subscription agreement ahead of the investment in Filoil. The deal was consummated and payment was made by Basic Energy to Filoil on Dec. 10.
On Friday, shares in Basic Energy finished higher by two centavos or 2.99% to close at P0.69 apiece. — Marielle C. Lucenio