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Oracle Power consortium invited to meet Pakistan's Private Power and Infrastructure Board

The company said the meeting, scheduled for early September, forms part of the final stages of its application to secure a letter of intent for its Thar Block VI project

Oracle Power PLC - Oracle Power consortium invited to meet Pakistan's Private Power and Infrastructure Board

Oracle Power PLC (LON:ORCP) said the firm, alongside its consortium partners China National Coal Development Company Ltd and the private office of His Highness Sheikh Ahmed Bin Dalmook Juma Al Maktoum, have been invited to meet with the Private Power and Infrastructure Board (PPIB) in Pakistan to present implementation plans for the Thar Block VI project with a view to finalising a letter of intent (LOI).

The company said the meeting, scheduled for early September, will be chaired by the Special Assistant to the Prime Minister on Power in Islamabad, Pakistan, along with representatives of the Ministry of Energy (Power Division), CPEC Authority and the Planning Commission (Islamabad).

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The consortium will present plans to the government for the development of Thar Block VI for power, gas for urea and other uses, Oracle said, adding that the presentation forms part of its LOI application and is considered one of the finals steps in the process.

"As we have communicated previously, we have remained in a regular and constructive dialogue with the PPIB. Despite the unforeseen delays as a result of the [coronavirus] pandemic, all parties have remained committed to developing Thar Block VI. Oracle is committed to partnering with the Government of Pakistan to develop a power and coal to gas for urea project under the China-Pakistan Economic Corridor at Block VI, and is fully cognisant of the importance of this project for Pakistan, given the imminent shortage of gas, and the government's strategy of reducing reliance on imported fuels”, Oracle chief executive Naheed Memon said in a statement.

"The PPIB request, following a relaxing of the [coronavirus] measures, to meet with the consortium in early September to review details of our implementation plan once again endorses the importance of our project and confirms the government's willingness to work with Oracle for the development of Block VI. This invitation is clearly a positive development in the LOI process and Oracle has confirmed with its Consortium members their availability to meet with PPIB early next month”, the CEO added.

Shares in Oracle Power surged 17.3% to 0.7p in lunchtime trading on Friday.

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Price: 0.625 GBX

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