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Oracle Power says agreement for Thar project in Pakistan remains valid

Oracle said today it had now received assurances from both partners - Beijing Jingneng and PowerChina - that the memorandum of understanding (MOU) is intact.
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Thar is part of China 's belt and road initiative

Oracle Power Plc (LON:ORCP) has moved to clear confusion over the memorandum of understanding (MOU) inked with its Chinese partners for the Thar thermal power station project in Pakistan.

A ceremonial signing of the agreement last month left out some clauses, but Oracle said today it had now received assurances from both partners - Beijing Jingneng and PowerChina - that the MOU is intact.

Oracle said the signing was only ceremonial and does not replace the MOU agreement dated 27 March 2019.

PowerChina indicated earlier this month that the terms of the MOU had not changed, while Oracle added today it had received similar confirmation from Beijing Jingneng.

“As such, the company and its partners consider that the March MOU remains valid,” added the statement.

Oracle has a 12% stake in the Thar project, PowerChina 15% and Beijing Jingneng 73%.

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