Energy developer Oracle Coalfields is upbeat about achieving a finance package for the coal-fired Thar power station project in Pakistan.
"As previously stated, the elevation of our flagship asset to the CPEC (China-Pakistan Economic Corridor) Priority List is a significant development," said CEO Shahrukh Kahn.
"Not only does it heighten the project's significance within Pakistan, it provides the basis for closing out the company's financing arrangements with an assortment of Chinese Banks, Sinosure and Chinese Investors," he added.
"It also provides valuable support to our objective to move expeditiously to financial close."
Oracle said it has been involved in extensive and detailed discussion with potential Chinese partners over Thar since it was made a Priority List constituent.
It said that, since its elevation, it had been involved in extensive and detailed discussion with potential Chinese partners.
"Discussions are now at an advanced stage with Engineering, Procurement and Construction contractors, to construct the mine and the power plant and to provide ongoing operations and maintenance," the company said.
Talks with were also at an advanced stage with potential providers of asset level equity and loan finance for the project, with the "intention that the Project finance will be underwritten by Sinosure, the China Export and Credit Assurance Corporation."
At 9:16am: (LON:ORCP) Oracle Coalfields Plc share price was +0.45p at 3.05p