viewOracle Power PLC

Oracle Power surges as Thar deal signed with China Coal, Sheikh Al Maktoum

The next step is to obtain a letter of intent from the Pakistani government

Oracle Power PLC -

Oracle Power PLC (LON:ORCP) shares shot up after it said it has agreed to jointly develop a lignite coal mine and associated power plant in Pakistan with the help of China National Coal Development and Dubai’s Sheikh Ahmed bin Saeed Al Maktoum. 

A consortium agreement has been signed by Oracle where China Coal and Sheikh Al Maktoum’s private office will jointly develop the combined lignite coal mine in the Thar desert in the Sindh province of Pakistan and a 1,320 megawatt mine-mouth power plant.

As previously indicated, Oracle will hold a 12% equity interest in the project, with China Coal taking a 73% stake and the Sheikh, who is best known as the chairman of Emirates Airlines, will own 15%.

Oracle chief executive Naheed Memon said the project partners “comprise one of the largest coal mining and development companies in the world and a prominent member of the UAE Royal Family, who bring with them the financial and technical wherewithal to bring a project of this stature and size to fruition”.

She added that the signing of the deal “marks a major step”, with the next being to obtain a letter of intent (LOI) from the Pakistani government.

As a result of this proposed shareholding structure, the company said it felt it has now taken all necessary steps to formally obtain the LOI.

As well as providing for Pakistan's growing needs for power, she said the project also will enable the opportunity for coal to liquid production to counter the import of expensive fuel into Pakistan.

Quick facts: Oracle Power PLC

Price: 0.575 GBX

Market: AIM
Market Cap: £12.34 m

Add related topics to MyProactive

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


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...


Oracle Power buys Australian gold projects to build international natural...

Oracle Power PLC's (LON:ORCP) Naheed Memon talks to Proactive London's Katie Pilbeam about the announcement of two acquisitions of two highly prospective gold projects in Western Australia. The Northern Zone Project is located 25km east of the major gold mining centre of Kalgoorlie, the home...

1 week, 6 days ago

2 min read