Oracle Power Regulatory News (ORCP)

25 October 2021

Oracle Power PLC

("Oracle", the "Company" or the "Group")

Green Hydrogen Co-Operation Agreement Signing Ceremony in Karachi, Pakistan 

Oracle Power PLC (AIM:ORCP), is pleased to share that on Saturday 23 October 2021 it was invited to a ceremonial signing of the non-exclusive co-operation agreement with PowerChina International Group Ltd ("PowerChina") to jointly develop the first green hydrogen production facility in Pakistan, as announced on 11 October 2021. 

The ceremony, which was held at the Energy Department Sindh, Karachi, Pakistan, was hosted by the Minister of Energy, Sindh, Mr. Imtiaz Ahmed Shaikh who was accompanied by the Secretary of Energy, Government of Sindh, and other government officials. Mr. Li Bijian, the Consul General of China in Karachi, also witnessed the signing ceremony, providing assurance of the support of his government for this project. The country representative of PowerChina was joined by Mr. Liu Shaoquan, Executive Vice President, via video link from Turkey.  Oracle's CEO, Naheed Memon, along with the Karachi team, was joined by the newly appointed Chief of Technology, Dr. Naveed Akhtar, via video link from Glasgow.

The ceremony began with an introduction given by Ms. Memon. Mr. Liu Shaoquan of PowerChina elaborated on the critical importance of this project globally and how his company is committed to the development of this project in Pakistan. He emphasised the merits of doing this project in Sindh and how he counts Oracle as a very strong partner.

By way of background, green hydrogen, hydrogen that is generated from renewable sources, is widely regarded as one of the most important energy sources to support the transition to a carbon neutral future. Green hydrogen is becoming a competitive fuel source in multiple sectors, including steel and fertiliser production, cars, power generation, long-range shipping and aviation. PowerChina, one of the largest Chinese state-owned-enterprises, has partnered with Oracle, with the intention to set up a green hydrogen facility in Pakistan to produce hydrogen with electrolysers powered by photovoltaics and wind energy, targeting a 400MW capacity hydrogen plant, with planned hydrogen production of approximately 150,000 kg per day. 

The ceremony is a very strong endorsement by the Government of Sindh, which has taken a lead in the support of green energy industry in Pakistan. Mr. Li Bijian stated that this was indeed a historical moment and his sentiments were repeated by the Minister who said that Sindh, which pioneered renewable energy projects, has once again made history by announcing support for this important project as the world steps up its commitment to decarbonisation. The Chinese Consul General also appreciated the coming together of a UK company with a Chinese State-Owned Enterprise in Pakistan to mark global cooperation towards a greener future. 

Both the Minister and the Consul General expressed their complete commitment to the success of this project and asked both companies to ensure every effort is made to swiftly progress the project.

The Minister went on to say that his office will serve as a one window facilitation service for this significant venture. The Chinese Consul General also expressed willingness to assist in any possible way. 

Naheed Memon, CEO of Oracle, commented:

"I was honoured to be invited to a ceremonial signing ceremony for the 400MW green hydrogen project planned for development in Pakistan alongside our PowerChina partner. The support and enthusiasm expressed by both governments today has strengthened our determination to succeed quickly. There is no doubt that green hydrogen is potentially the single most important tool the international community has in our collective bid to transition to a carbon neutral future and I am proud that Oracle is to play a part in this exploration of options to jointly develop a first of its kind green hydrogen production facility in the country and I look forward to sharing updates as this initiative progresses."

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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 association with PowerChina. 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.