Oracle Coalfields, the UK-based developer of a coal-to-power project in the Thar Desert region of Pakistan, is to be included in the China-Pakistan Economic Corridor (CPEC).
The CPEC has been established to improve economic ties between China and Pakistan and particularly to support infrastructure and energy projects in Pakistan. Under the scheme, the Chinese government and Chinese banks will provide financial support for Chinese companies investing in CPEC projects.
According to Oracle, the total financial support on offer is expected to be about US$45.6 billion with energy projects expected to received around US$33.8 billion.
"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,” said Shahrukh Khan, CEO of Oracle, in response to the announcement. "Work is underway to finalise the EPC contracts for the mine and for the power plant with Shangdong Electric Power Co. and for the financing through Sinosure, the China Export & Credit Insurance Corp."
The Thar project includes a 4 million tpa coal mine and 600 MW power plant.
Written by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/exploration-and-development/11032015/oracle-coalfields-included-in-chinese-pakistan-economic-corridor-coal2048/