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(Alliance News) - Oracle Power PLC on Monday said the award of its recently acquired land lease has now been registered in the government of Sindh's land registry.
Oracle Power is a Cambridge, England-based power and natural resource project developer with focus on Pakistan. Through its joint venture Oracle Energy Ltd, Oracle is to develop a Green Hydrogen production project in Pakistan.
In November, Oracle Energy brought a land package of 7,000 acres, by way of long lease of 30 years with government of Sindh.
It paid an initial consideration of USD1.8 million for the first 10 years of the lease. Further payments will be made for every further 10-year period, with the next payments due in 2033 and 2043.
Since then, Oracle Energy has paid stamp duty and registration fees, as per government policy in Sindh to complete the process.
It confirmed that Oracle Energy has received the full lease, stamped and confirmed by the government of Sindh. It also has been provided with the precise location and coordinates of the land.
Oracle Power said the land is "very close" to existing infrastructure, including Karachi's largest port, Port Qasim; mainline railway, Jungshai Station; Dhabeji grid station, and the N-5 national highway.
Chief Executive Naheed Memon said: "The award of the land lease document and its notification in the government records allows Oracle Energy to proceed towards firm agreements with financiers, off takers and technology providers. The land awarded for the proposed development of our project is very well located, and the availability of critical infrastructure in close proximity to our land package makes for easier connectivity and transport."
Shares in Oracle Power were flat at 0.17 pence each in London on Monday morning.
By Sophie Rose, Alliance News reporter
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