Business
Award and Registration of Land Lease
Award and Registration of Land Lease.
About this update from Oracle Power Plc
[{"type":"text","content":"\n \n \n 20 March 2023\n \n \n \n \n \n Oracle Power PLC\n \n \n (\"Oracle\", the \"Company\" or the \"Group\")\n \n \n Award and Registration of Land Lease for Green Hydrogen Project\n \n \n \n \n \n Oracle Power PLC (AIM: ORCP), a developer of green hydrogen production through its joint venture (\"JV\") Oracle Energy Limited (\"Oracle Energy\"), confirms the award of the recently acquired land lease as it has now been registered in the Government of Sindh's land registry. This completes the acquisition of the lease by Oracle Energy of the land package of 7,000 acres (approximately 28.3 km²). The land coordinates provided in the lease delineate the land parcel on which Oracle Energy's planned flagship Green Hydrogen Project (or the \"Project\") will be located.\n \n \n \n \n \n Since announcing the Lease Acquisition on 28 November 2022 (see\n \n https://www.londonstockexchange.com/news-article/ORCP/land-lease-for-green-hydrogen-project/15732429\n \n ), Oracle Energy has paid stamp duty and registration fees, as per Government policy in Sindh to complete the process. The following developments can be confirmed:\n \n \n ·\n Oracle Energy has received the full lease, stamped and confirmed by the Government of Sindh\n \n \n ·\n The precise location and coordinates of the land have been provided and confirmed in the lease document\n \n \n \n \n \n \n \n \n The parcel of land as shown in Figure 1 and 2, is very close to existing infrastructure, including Karachi's largest port, Port Qasim; mainline railway, Jungshai Station; Dhabeji grid station, and the N-5 national highway. Furthermore, more than 350 MW of renewable energy power projects which have been commissioned and are linked up to the grid are within 15 km radius.\n \n \n \n \n \n \n Figure 1\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Figure 2\n \n \n \n \n \n \n \n \n \n \n \n \n \n Naheed Memon, CEO of Oracle, commented:\n \n \n \"\n \n The award of the Land Lease document and its notification in the government records allows Oracle Energy to proceed towards firm agreements with financiers, off takers and technology providers. The land awarded for the proposed development of our project is very well located, and the availability of critical infrastructure in close proxi...