Oracle Power PLC (AIM:ORCP), the international natural resources project developer, is pleased to announce that it has entered in to a joint venture agreement with the Private Office of His Highness Shaikh Ahmed Dalmook Al Maktoum (represented through Kaheel Energy FZE, a wholly owned free zone company incorporated under the laws of Dubai, UAE (“Kaheel Energy”)), with the objective of advancing the Company’s green hydrogen project in Pakistan.
- The joint venture company, Oracle Energy Limited (“Oracle Energy”), which was wholly owned by Oracle, aims to invest in, develop, own and operate a facility for the manufacture of green hydrogen in the Province of Sindh, Pakistan and also undertake its storage, transportation and sale (the “Project”).
- Oracle Energy, a limited liability company incorporated under the laws of Pakistan, will be funded on a 70:30 basis by Kaheel Energy and Oracle Power respectively.
- Kaheel Energy, which is 100% owned by His Highness Shaikh Ahmed Dalmook Al Maktoum, will leverage His Highness’s relevance and influence in new energy generation and infrastructure to rapidly develop the Project through Oracle Energy.
- The joint venture structure is intended to provide a vehicle to support the accelerated development of the Project to meet the growing international and domestic demand of green hydrogen and clean energy. At the same time, this structure will significantly mitigate the early-stage development risk and funding requirement for the Project.
Naheed Memon, CEO of Oracle, commented:
“This is a hugely significant development for Oracle and provides a route through which to establish a ground-breaking green hydrogen project in Pakistan. As shareholders will be aware, the Oracle team has been working hard over the past six months to create a framework and investment path to bring this revolutionary green hydrogen technology to Pakistan, and this joint venture is a landmark development in bringing this to fruition.
“The parties involved will use their combined industry influence, and further build their technical expertise, to move the Project forward at pace. Importantly, this joint venture structure materially de-risks the development process for Oracle Power shareholders whilst ensuring we maintain exposure to this potentially highly valuable initiative.
“Issues relating to green energy and fuel security are high on the agenda worldwide and we are more determined than ever to bring this emerging green fuel source to commercialisation. I look forward to providing updates in due course as we work with His Highness Shaikh Ahmed Dalmook Al Maktoum to move through the feasibility stages of the Project.”
About Oracle Power PLC:
Oracle Power PLC is an international natural resource and power project developer quoted on London’s AIM market. The Company holds two highly prospective gold assets in two globally significant gold regions of Western Australia. The Northern Zone Project is located 25km east of the major gold mining centre of Kalgoorlie, the home of the ‘Super Pit’ mine, the second largest gold mine in Australia, and the Jundee East Gold Project is located ~9km east of Northern Star’s Jundee Gold Mine, one of Australia’s largest gold mines.
The Company is also active in the power industry in Pakistan and is working to establish a green hydrogen production facility in the Sindh Province through its joint venture company, Oracle Energy. The Company’s initial project is the Thar Block VI Project in south-east Pakistan where the Company is advancing plans for a combined lignite coal mine, a 1,320MW mine mouth power plant and a proposed coal gasification to urea project.