Proactive Investors - Run By Investors For Investors

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.
coal
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%.

View full ORCP profile View Profile

Oracle Power Plc Timeline

Related Articles

Coal
November 16 2018
Once all the approvals, permits and tariffs are in place, Oracle’s partners will arrange the finance with Sinosure and Chinese banks.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use