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LONDON (Alliance News) - Oracle Coalfields PLC on Wednesday said it has received confirmation that its Thar desert project in Pakistan has been included in the China-Pakistan Economic Corridor.
The China-Pakistan Economic Corridor has been created in order to improve economic ties between China and Pakistan. Under the agreement, Chinese banks and the country's government will finance Chinese companies investing in approved projects under the agreement. Oracle said the total financing is expected to be around USD45.6 billion.
"Our inclusion in the CPEC affirms the support that the Pakistan Government is giving to our integrated coal mine and power plant project by granting us the opportunity to access further Chinese funding," said Oracle Chief Executive Shahrukh Khan.
Shares in Oracle were up 20% to 1.05 pence on Wednesday, one of the best performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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