Business
Oracle signs MOU with Chinese power group SEPCO
Oracle signs MOU with Chinese power group SEPCO.
About this update from Oracle Power Plc
[{"type":"text","content":"\n \nRNS Number : 6002T Oracle Coalfields PLC 21 November 2013 \n \n\n21 November 2013\n \nOracle Coalfields PLC\n(\"Oracle\", the \"Company\" or the \"Group\")\n \nOracle signs MOU with Chinese power group SEPCO\n \nHighlights:\n \n· Exclusive MOU with SEPCO Electric Power Construction Corporation for the development of a 600 MW coal-fired power plant at the Block VI, Thar Coalfield, Province of Sindh, Pakistan.\n \n· MOU development plans for an integrated power station to cover its design, construction and operation as well as the financing and investment required. \n \n· Significant level of technical and financial resources to be available to Oracle through two major Chinese EPC groups with international experience. CAMCE will focus on the development of the coal mine on Block VI whilst SEPCO will focus on the development and construction of the power plant.\n \nOracle Coalfields PLC (AIM:ORCP), the developer of a lignite coal mine and power plant in the south-eastern desert of Sindh Province, Pakistan, is pleased to advise that the Company continues to make significant progress towards delivering the commercial potential of Block VI in the Thar Coalfields. Oracle today signed an exclusive MOU in Beijing with SEPCO Electric Power Construction Corporation, one of China's leading power construction groups. The MOU is for an initial period of six months, during which a technical feasibility study and an environmental impact study will be prepared relating to the development of a coal-fired power plant, including:\n \n· plans to develop a coal-fired power plant of 600 MW of power generation, including its design, construction and operation; \n \n· plans to finance up to 70 percent of the debt for the power plant and provide significant equity funding for majority shareholding in the newly incorporated power company which is to be registered in Pakistan with Oracle taking a minority stake; and \n \n· plans for SEPCO to provide equity funding in Oracle's coal mining subsidiary, Sindh Carbon Energy Limited (\"SCEL\"), to secure a significant minority sharehol...