BASIC ENERGY CORP. HAS signed an understanding with German industrial services firm MAN Ferrostaal Industrieanlagen GmbH to develop alternative fuels and renewable energy projects in the Philippines.

BEC executive vice president Jose R. Reyes Jr. said MAN would explore the possibility of investing directly in the shares of Basic and, possibly, acting as engineering, procurement and construction contractor for its bioethanol projects.

MAN is involved in the production and distribution of machines and tools and the planning, supply and building of industrial plants, among others. It is part of the MAN AG Group, one of Europe ’s major industrial players and listed on the German stock exchange.

Earlier this month, Basic signed an accord with Canada ’s Nexum Energy Corp. on joint plans to develop, build, own and operate a 200,000 liters-a-day ethanol plant using cassava as feedstock. The ethanol plant is also being planned to produce up to 8 megawatts of green power, natural gas and organic fertilizers.

Basic is busy working with local company Ecomarketfarms Inc. to expand its cassava project in the Zamboanga Peninsula.