16th May 2019 13:56
LONDON (Alliance News) - Oracle Power PLC on Thursday said a memorandum of understanding between Beijing Jingneng Power Co Ltd and Oracle is purely ceremonial and does not replace a prior agreement in March.
In early May, the energy developer said it had received an altered MOU ceremonially signed with its Chinese partners, Beijing Jingneng and PowerChina International Group Ltd.
A non-ceremonial MOU between the three companies, concerning the Thar coal project in Pakistan, was signed at the end of March. However, when examining the ceremonially signed agreement Oracle found certain sections had been removed.
Oracle owns a 15% stake in Thar, while Beijin Jineng holds a 73% interest and PowerChina a 15% interest.
Beijing Jingneng has confirmed the ceremonially signed MOU is "only ceremonial" and does not replace the MOU announced in March. PowerChina has also clarified this.
"The company and its partners consider that the March MOU remains valid," said Oracle.
Shares in Oracle were down 3.0% at 0.39 pence on Thursday afternoon.
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