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Oracle Power receives “strong support” for Thar project in Pakistan

“The level of support now witnessed from these official channels is noteworthy and a testament to the quality of our work on the ground," said Oracle chief executive Naheed Memon.

Oracle Power PLC - Oracle Power receives “strong support” for Thar project in Pakistan
The Thar desert

Oracle Power PLC (LON:ORCP) told investors it has received strong support for its development of the Thar coal project

It was copied into a letter from the Minister of Energy for the government of Sindh to the chairman of the China Pakistan Economic Corridor (CPEC) authority which reflects the sentiments of recent talks in Karachi.

The letter confirms “continued and strong support” for the project, along with approval of a letter of intent from the private power and infrastructure board.

READ: Strategically important talks take place for Thar rail development

Oracle noted that a joint investment agreement and shareholders agreement will now be drafted, and, signed at an upcoming bi-annual joint co-operation committee meeting or a visit by high-ranking Chinese officials to Pakistan.

Naheed Memon, Oracle chief executive, in a statement said: “The level of support now witnessed from these official channels is noteworthy and a testament to the quality of our work on the ground.

“The prominence of the parties alongside Oracle was acknowledged, with reference to the financial and technical capabilities of China Coal.

"Our partners in the project, China Coal and his Highness are keen to progress the development of Block VI as quickly as possible.

"They have made clear, they intend to sign a Joint Investment Agreement and Shareholders Agreement with Oracle at the upcoming JCC Meeting, or during a Chinese State visit whichever takes place sooner."

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