The parties aim to sign a binding agreement at COP28, hosted by the United Arab Emirates from 30 November. Under the agreement, EGA would take 50Mt of Oracle Energy’s targeted annual output of 55Mt.
EGA is owned equally by Emirati state-owned Mubadala Investment Company and the Investment Corporation of Dubai.
It needs green hydrogen and green ammonia to help decarbonise its aluminium production.
Replacing natural gas with green hydrogen is also expected to improve the energy efficiency of aluminium furnaces using oxy-fuel combustion technologies.
The 400MW project is in a designated wind corridor in the province of Sindh, southern Pakistan.
It is planned to feature 500MW of wind power capacity and 700MW of solar PV, plus battery storage.
Oracle Energy announced on 6 February that it had raised £500,000 ($609,000) for the project through an oversubscribed placing of new ordinary shares.
In October 2022, it appointed Thyssenkrupp Uhdeto to lead the technical and commercial feasibility study for the project, which is due for imminent release.
Oracle Energy is a joint venture of Oracle Power, which owns 30% and Sheikh Ahmed Dalmook Al Maktoum, which holds a 70% stake.
Naheed Memon, chief executive of Oracle Power said he was looking forward to reaping the benefits of this flagship project for the region.
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