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Oracle Power encouraged by continued support for the Thar thermal power project

Oracle expressed its gratitude to the Pakistani authorities at both the federal and provincial levels for the constructive way in which they have supported and continue to support the Thar project.

Workers on the Thar power project
Work is continuing on site in preparation for development in particular to establish land ownership

Oracle Power PLC (LON:ORCP), which is developing a thermal power station in Pakistan, has again highlighted the need to address the country’s electricity supply shortfall.

The country’s population has risen to 207mln but 30% of the population still do not have access to electricity, noted Naheed Memon, the company’s chief executive officer.

In its results statement for 2018, the company said the government of Imran Khan remains supportive of the development of the Thar coal project and of relations with China – the latter being important because the development of the project is being backed by Oracle’s Chinese partners.

READ Oracle Power and partners redraw development plan for Thar power station

Oracle revealed there has been a change in the partnership composition in the memorandum of understanding originally signed with Sichuan Provincial Investment Group and with PowerChina International Group.

Beijing Jingneng Power has taken the position of Sichuan Provincial Investment Group and will bring significant expertise to the project, said Mark Steed, the chairman of Oracle.

The company is still at the pre-revenue stage and so, as expected, it made a loss in 2018 although this narrowed to £879,996 from £1.05mln the year before.

Cash and cash equivalents at the end of 2019 stood at £48,899, compared to £126,178 a year earlier. The company said it will require more funding ahead of reaching financial close on the project.

In 2019, the company will concentrate on formalising detailed agreements with its Chinese partners including securing the financing for their share of the equity and all project debt. Some pre-development work will be undertaken to finalise detailed technical work programmes, the company added.

Oracle will also work with the relevant Pakistani Government bodies with regards to permissions, licences and other approvals that need to be obtained.

 

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