Oracle Power PLC

Oracle Power reveals reorganisation of interests in Pakistan power project

Changes in equity holdings reflect the confidence that Powerchina has in the project, says chief executive Ms Naheed Memon

It is to build a lignite coal mine and mine-mouth power plant in the Thar desert

Oracle Power plc (LON:ORCP) has informed investors of a change to the memorandum of understanding concerning the group’s power plant development project in the Sindh Province of Pakistan.

A new agreement in 2019 changes the composition of equity holdings in the project, though Oracle’s stake remains nearly intact (it will now have 12% rather than 12.1%).

Going forward, Beijing Jingneng Power Company (BJPC) will own 73% instead of 78%, and, PowerChina International Group will hold 15%, not 9.9%.

READ: Oracle Power raises £500,000 to help fund pre-development work

Oracle said that all other terms in the preceding MOU will remain as they were in the 2018 agreement.

Ms Naheed Memon, Oracle chief executive, said: "There is a lot of detailed work at present being undertaken with our Chinese partners to optimise the project, as well as with the authorities in Pakistan. 

“An increase in the proposed shareholding of PowerChina, who are global investors and developers for power and mining, reflects their belief, confidence and commitment to the project.

“We would like to thank our principal sponsor, BJPC, for accommodating this request from PowerChina.

"The company continues to make good progress and we will keep the market updated."

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