KARACHI:
Oracle Coalfields Plc has announced that it has appointed Citi as financial advisers for the development of its $1.4 billion flagship coal resource project in south-eastern deserts of Sindh.
According to a press release issued on Thursday, Citi’s mandate will be to advise Sindh Carbon Energy Limited, a subsidiary of Oracle Coalfields, on a comprehensive funding solution for the development of Block VI of Thar coal project and to assist with the review, development and implementation of Oracle Coalfields financing strategies, as the company enters development and project financing phase.
Citi was selected for the advisery role based on its experience in financing mining projects globally and its expertise in Pakistan, where it has operated for the last 50 years. It has a strong position among financial institutions operating in Pakistan, offering full-fledged retail, corporate and investment banking services.
“After careful consideration and having looked at a number of international banks, we have appointed Citi. The appointment will add to our financial expertise and market coverage as we evolve to the next stage of development,” said Oracle Coalfields CEO Shahrukh Khan on the appointment.
“The company remains fully committed to the development of Block VI of Thar coal project and continues to receive support from the Pakistan government at all levels.”
Published in The Express Tribune, October 7th, 2011.
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