12th Oct 2015 08:19
LONDON (Alliance News) - Oracle Coalfields PLC said Monday that it has entered into a consortium agreement with Shangdong Electric Power Corp of China under which the two companies will act as sponsors for a new power plant in Pakistan.
The new 600 megawatt coal-fired power plant will be built, owned and operated by Thar Electricity (Private) Ltd. Under the agreement Oracle will hold 90% of Thar Electricity, and Shangdong the remaining 10%.
The plant has already been registered with the Private Power and Infrastructure Board, part of the Ministry of Water & Power in the government of Pakistan.
"SEPCO remain a major and valued partner in our goal to develop a long term sustainable solution towards Pakistan's energy crisis. This is an important step to securing a Government guarantee for payment for electricity supplied," said Chief Executive Officer Shahrukh Khan in a statement.
Shares in Oracle Coalfields were up 8.2% at 1.65 pence, one of the best performers on AIM.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Oracle Power