3rd May 2018 14:09
LONDON (Alliance News) - Oracle Power PLC on Thursday reported a widened loss in 2017 as it makes progress on a project in Pakistan.
The mining company reported a pretax loss of GBP1.1 million for 2017, slightly widened from GBP913,464 the prior year, as it is currently at the development stage of coal mine in Pakistan which is none revenue generating.
In February, Pakistan's Private Power and Infrastructure Board gave the nod for Oracle to proceed its operations for the coal power plant at Block-VI of the Thar desert, in the south-east of the Sindh province of Pakistan.
In addition, it partnered with Sichuan Provincial Investment Group Co Ltd and with PowerChina International Group Ltd to take this project forward to its conclusion.
Looking ahead, the company said it plans to concentrate on formalising detailed agreements with its Chinese partners, while also work with relevant government bodies with regarding to permissions, licences and other approvals that need to be obtained.
"I am most grateful to both the provincial government of Sindh and the federal government of Pakistan for their continuing support for developments in the Thar coalfield, and our Block VI project in particular, which should be a major contributor to alleviating the electricity shortfall in the country," said Chief Executive Officer Shakrukh Khan.
Shares in Oracle Power were flat at 1.32 pence each on Thursday afternoon.
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