China-Pakistan Economic Corridor

RNS Number : 0962H

Oracle Coalfields PLC

11 March 2015

 



China Pakistan Economic Corridor 

Released : 11 March 2015

RNS Number :

Oracle Coalfields PLC

11 March 2015 

11 March 2015

Oracle Coalfields PLC

("Oracle" or "the Company")

China-Pakistan Economic Corridor

Oracle Coalfields PLC (AIM:ORCP), the UK energy developer of a combined lignite mineral resource and mine mouth power plant located in the Thar desert, in the south-east of Sindh Province, Pakistan, is pleased to announce that it has been confirmed to the Company by the Government of Sindh in Pakistan, that its project has been included in the China-Pakistan Economic Corridor ("CPEC").

The CPEC has been set up to improve economic ties between China and Pakistan, in particular to support infrastructure and energy projects in Pakistan.  Under the CPEC, the Chinese Government and Chinese banks will finance Chinese companies investing in approved projects under the CPEC as commercial ventures and help to operate the projects as profit making entities. The Company understands that the total financing is expected to be around US$45.6 billion with the financing in energy projects expected to be around US$33.8 billion and in infrastructure projects around US$11.8 billion over the next six years. The inclusion of Oracle's Block VI integrated 4.0 mpta coal mine and 600 MW power plant in the Thar Desert is, in the view of the board, indicative of enhanced support to the project by the two Governments.

Shahrukh Khan, CEO of Oracle, said:

"Our inclusion in the CPEC affirms the support that the Pakistan Government is giving to our integrated coal mine and power plant project by granting us the opportunity to access further Chinese funding. 

"Work is underway to finalise the EPC contracts for the mine and for the power plant with Shangdong Electric Power Company ("SEPCO") and for the financing through Sinosure, the China Export & Credit Insurance Corporation."

Ends

For further information:

Oracle Coalfields PLC Shahrukh Khan	[phone]
Brandon Hill Capital Limited Oliver Stansfield	[phone]
Peterhouse Corporate Finance Charles Goodfellow	[phone]
Grant Thornton UK LLP Salmaan Khawaja, Richard Tonthat, Jamie Barklem	[phone]
Blythe Weigh Communications                                                    Tim Blythe, Halimah Hussain	[phone]
Fortbridge Consulting                                                   Matt Beale, Bill Kemmery	[phone]

 

END

 

 

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