Oracle Power PLC (ORCP.L) Thar Block VI Project – Update

Oracle Power PLC, the London listed international natural resources and power developer (AIM:ORCP), is pleased to note the comments made by the Prime Minister of Pakistan, the Honourable Mr Imran Kahn, as he addressed the Climate Ambition Summit 2020 on Saturday 12 December 2020.

Co-convened by the United Nations, the UK and France, in partnership with Italy and Chile, the Climate Ambition Summit 2020 brought together 75 leaders from around the world to galvanise international action towards a resilient, net zero emissions future.

Mr Khan outlined the Pakistan Government’s strong support for developing its coal reserves for coal to liquids and coal to gas projects, and promoting these technologies over conventional coal to power projects. These clean coal processes, which form an integral component of Oracle’s development initiative at its Thar Block VI Project in the Sindh Province of Pakistan, will produce urea for use in fertiliser and liquid fuel to be used domestically thereby reducing Pakistan’s reliance on imported fuel sources.

Naheed Memon, CEO of Oracle, commented :

“Coal to liquids and coal to gas technologies have become major technical and commercial drivers for the Company’s 1.4 billion tonne Thar Block VI Project. Block VI was included in China Pakistan Economic Corridor (CPEC) for the development of CTG and CTL in November 2019 and since then we have been working in close collaboration with our technical and financial sponsors China National Coal Development Company (CNCDC), a world leader in coal development and integrated industries, to progress these critical projects.

“We see this news from the Pakistan’s Prime Minister as an endorsement of our diversification and project enhancement initiative taken a year ago. We look forward to developing Block VI as a significant project in alignment with Pakistan’s developmental strategy.”

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