Oracle’s Chinese partners commit to changing equity holdings in Pakistan project

29th April 2019 By: Simone Liedtke - Writer

As part of the China Belt and Road Summit, held in Beijing on April 27 and 28, Beijing Jingneng Power Company (BJPC) and PowerChina International, have ceremonially signed a memorandum of understanding (MoU) that will result in a change in the equity shareholding in the Thar Block V1 lignite coal mine and mine mouth power plant project, in Pakistan.

The project is owned by BJPC, PowerChina and London-listed Oracle Energy.

The ceremonial signing of the MoU follows its initial signing in March, during which it was agreed that BJPC’s stake in the project would decrease from 78% to 73% and Oracle’s interest from 12.1% to 12%, while PowerChina’s interest would increase to 15% from 9.9%.

Oracle CEO Naheed Memon, who was present at the ceremony, said that participating in the ceremonial signing of the MoU with the company’s Chinese partners was “a public way of demonstrating their strong commitment to the project”.

Work in Pakistan continues, particularly in the planning of predevelopment work.

Oracle expects to update the market with an operational update shortly.