Oracle Coalfields forms joint venture for new Pakistan power plant

12th Oct 2015 09:51

(ShareCast News) - Oracle Coalfields along with the Shangdong Electric Power Corporation of China (SEPCO) will be sponsors of a 600 MW indigenous coal-fired power plant in Pakistan.Under the consortium agreement announced on Monday, they will sponsor the project which will be built, owned and operated by Thar Electricity.Oracle Coalfields will hold 90% of the equity of the Pakistan company, while SEPCO will hold the remaining 10%.The project has already been registered with the Private Power and Infrastructure Board.Oracle Coalfields chief executive Shahrukh Khan said it's an important step to securing a government guarantee for payment for electricity supplied."SEPCO remain a major and valued partner in our goal to develop a long term sustainable solution towards Pakistan's energy crisis."