17th Mar 2015 08:46
LONDON (Alliance News) - Oracle Coalfields PLC on Tuesday said it has signed an extension on its engineering, procurement and construction framework deal with SEPCO Electric Power Construction Corp in Pakistan.
The agreement, which had been due to expire on March 23, has been extended to December 31, 2015.
Under the terms of the deal, Oracle and SEPCO are negotiating term sheets for the mine and power plant Oracle is developing in the Thar desert in Pakistan's Sindh Province.
Discussions are also taking place with China Export & Credit Insurance Corp on the financing proposals for the contracts, under which China Export & Credit Insurance will potentially securitise up to 85% of the cost of the two contracts.
Shares in Oracle Coalfields were down 7.3% to 0.95 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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