Oracle Coalfields forms joint venture for new Pakistan power plant

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.”