Business
Support for Development of Thar Block VI
Support for Development of Thar Block VI.
About this update from Oracle Power Plc
[{"type":"text","content":"\n \n \n RNS Number : 6877F\n Oracle Power PLC\n 11 March 2020\n \n \n \n \n Oracle Power Plc / EPIC: ORCP / Market: AIM / Sector: Mining\n \n \n \n \n \n 11 March 2020\n \n \n Oracle Power PLC\n \n \n (\"Oracle\", the \"Company\" or the \"Group\")\n \n \n \n \n \n Oracle Notes Further Strong Support for Development of Thar Block VI \n \n \n \n \n \n Oracle Power PLC (AIM: ORCP) is pleased to note that a letter, dated 9 March 2020, from the Minister of Energy for the Government of Sindh (Mr. Imtiaz Ahmed Shaikh) to the Chairman of the \n China Pakistan Economic Corridor ('CPEC') \n Authority (Lieutenant General (Retd) Asim Saleem Bajwa) and copied to, inter alia, the Chinese Ambassador to Pakistan and Oracle's CEO, Naheed Memon, (the 'Letter'). The Company understands that the Letter reflects further the recent discussions of an official meeting in Karachi on 21 February 2020. \n \n \n \n \n \n Overview\n \n \n · \n Letter from Ministry of Energy for the Government of Sindh to Chairman of the CPEC Authority confirms continued and strong support for the development of Thar Block VI, in which Oracle Power holds a 100% interest through its subsidiary, Sindh Carbon Energy Ltd ('SCEL')\n \n \n · \n Confirmation of approval for the issuance of the Letter of Intent ('LOI') by the Private Power and Infrastructure Board ('PPIB')on application and due process being adhered. Oracle, on behalf of the Consortium, will shortly submit the final LOI application documents to the PPIB \n \n \n · \n Joint Investment Agreement ('JIA') and Shareholders Agreement to be drafted and expected to be signed at either the upcoming bi-annual Joint Co-operation Committee Meeting or a visit by high-ranking Chinese officials to Pakistan\n \n \n \n \n \n Naheed Memon, CEO of Oracle, said:\n \n \n \n \n \n \"Oracle recognises and gratefully acknowledges the support it is receiving, as is evident in this letter received from the Office of the Minister of Energy for the Government of Sindh. 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.\n \n \n \n \n \n \"Our partners in the Projec...