Oracle signs project funding MoU with Chinese SoEs

UK energy developer Oracle Power has signed a memorandum of understanding (MoU) with two Chinese State-owned enterprises for the funding of a $1.6-billion lignite coal mine and power station project in Pakistan. The MoU proposes that Sichuan Provincial Investment Group (SCIG) will be the majority shareholding in Oracle’s Pakistani subsidiaries, with an equity holding of 78%. Power China International (PowerChina) will have a 9.9% equity holding and Oracle will own the balance of 12.1%.