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Oracle Power continues project planning despite coronavirus pandemic

The group said the Pakistani government is expected to approve a letter of intent for the Thar project in the current quarter

Oracle Power PLC - Oracle Power continues project planning despite pandemic

Oracle Power PLC (LON:ORCP) said project planning continues despite the temporary slowdown caused by restrictions to prevent the spread of the coronavirus pandemic.

Publishing highlights of a recent conference call, the firm said the Pakistani government is expected to approve a letter of intent (LOI) in the current quarter. The LOI was submitted in March and its approval will confirm the government's intention to purchase power from the Thar power project.

It is set to be the next major step required to develop the project as it will allow progress towards financial close.

READ: Oracle Power highlights “very constructive phase” for Thar project

Oracle also said it expects to finalise a shareholders agreement with its partners, China National Coal Development Company Ltd. and the private office of His Highness Sheikh Ahmed Bin Dalmook Juma Al Maktoum.

The firm said it is “confident” in its ability to finance itself throughout the development of the Thar project.

It added that financial close could happen “anywhere between 12 to 18 months” due to the uncertainty around the pandemic.

“However given the prominence of the project within the China Pakistan Economic Corridor, the public displays of governmental support within Pakistan, and the financial wherewithal of the company's partners, developments could happen considerably quicker following finalisation of the shareholders agreement,” the group added.

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