Thar Coal project: Citi appointed financial advisor for development of Block VI

The Directors of Oracle Coalfields PLC (AIM:ORCP) has announced the appointment of Citi as the financial advisor for the development of its 1.4 billion flagship coal resource project in Sindh.
According to a press release issued here on Friday, Citi's mandate is to advise Sindh Carbon Energy Limited, a subsidiary of Oracle Coalfields, on a comprehensive funding solution for the development of the Block VI, Thar Coal project and to assist with the review, development and implementation of Oracle Coalfields financing strategies, as the Company enters the development and project financing phase.
Citi was selected for this advisory role based on its significant experience in financing mining projects globally and its country expertise in Pakistan, where it has operated for the last 50 years. It has a strong leadership position amongst the financial institutions operating in Pakistan, offering full-fledged retail, corporate and investment banking services.
In project finance, Citi was ranked top against its peers as Global Financial Advisor, Global Bookrunner and EMEA Financial Advisor between 2000 and 2010. Commenting on the appointment of Citi, Shahrukh Khan, CEO of Oracle Coalfields said: "After careful consideration and having looked at a number of international banks, we are delighted to have appointed Citi. The appointment will add to our financial expertise and market coverage as we evolve to the next stage of development with an excellent team of financial advisors to guide us. The company remains fully committed to the development of Block VI, Thar Coal Project and continues to receive support from the Pakistani Government at all levels, all of whom recognise the positive economic and infrastructure impact our project will have on the country."-PR