16th May 2023 17:26
Oracle Power PLC - Pakistan-focused developer of energy projects - Signs memorandum of understanding for the off-take and development of its 1.32 gigawatt Thar coal fired power plant in the Sindh Province, Pakistan.
Under this MoU, Thar Electricity (Private) Ltd, the company's wholly-owned subsidiary, will asses the viability of developing the power project at Thar Coal Block VI as originally planned or relocating the power project to K-Electric Ltd's owned land located at Port Qasim, Karachi, if found technically and commercially suitable and subject to obtaining required approvals and consents.
K-Electric could potentially become the sole off taker for the power plant, via a direct power purchase agreement, if the projects develops as originally planned. PowerChina International Group Ltd declares its interest to be part of the development irrespective of the development paths.
Current stock price: 0.14 pence, finishing 1.8% higher in London
12-month change: down 60%
By Heather Rydings, Alliance News senior economics reporter
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