Oracle Coalfields hopes to make a final decision on the development of its coal-fired power plant project at Thar, Pakistan, by the end of 2014.
Two Chinese partners have already been signed up to build the mine and power station, while the government awarded a non-objection certificate earlier in the year.
Oracle CEO, Sharukh Khan, commented: "Oracle is now finalising detailed agreements with its two Chinese partners, CAMCE and SEPCO, for all the elements of its energy project.
“Oracle looks to final investment decision on the project in its entirety towards the end of 2014.
“The power shortage continues to escalate throughout the country and the development of the Thar coalfield would alleviate this as well as supplying competitive electricity with the assurance of security of supply for the foreseeable future."
Oracle added that the specifications of the power plant had changed after Karachi Electric (KE) indicated it wanted to buy the plant’s entire output for thirty years. The company now plans to develop a 600 MW mine-mouth power plant at Block VI, Thar together with the power purchase agreement (PPA) agreement.
Edited from various sources by Katie Woodward
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