logo-loader
Oracle Power PLC

Oracle Power says Pakistan MOU was inked in ceremonial signing

The company and its partners continue to advance the coal mine and power plant project in the Sindh province.

coal closeup
The partnership was revised in March

Oracle Power Plc (LON:ORCP) told investors that a memorandum of understanding between the company and its Chinese partners were ceremonially signed in Pakistan.

It noted that the signed document certain sections present in a previous version had been removed, though in a letter dated 2 May, from one of two partners, indicates that the prior March 2019 agreement remains valid and the document received on 1 May 2019 is only ceremonial.

Oracle is seeking similar confirmation from the other partner.

READ: Oracle Power reveals reorganisation of Pakistan partnerships

In March, Oracle 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%.

At that time, Oracle chief executive Ms Naheed Memon 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.”

Quick facts: Oracle Power PLC

Price: £0.00

Market: AIM
Market Cap: £4.09 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Oracle Power PLC named herein, including the promotion by the Company of Oracle Power PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Oracle Power hails funding MoU with two chinese state-owned enterprises

Shahrukh Khan, chief executive of Oracle Power PLC (LON:ORCP), discusses with Proactive their memorandum of understanding (MoU) with two China state-owned companies to advance their lignite coal mine and power station project in Pakistan. The UK energy developer said the MoU with Sichuan...

on 22/11/17

RNS

Equity Placing

5 days, 18 hours ago

Change of Broker

2 weeks, 4 days ago

Result of AGM

on 16/7/19

Preliminary Results

on 18/6/19

2 min read