NAMCOR keen to restore 50% Import Mandate
The National Petroleum Corporation of Namibia is keen to re-instate its 50% import mandate, a move which could see it supply as much as 500 million litres of fuel each year. This was revealed by Board chairperson Johannes !Gawaxab this week.
According to !Gawaxab, NAMCOR has identified the import mandate as one of its key strategic priorities. “NAMCOR was previously mandated to source and supply 50% of the country’s automotive fuel requirements to ensure security of supply.”
He said NAMCOR has considered various options to re-instate the mandate including a Joint-Venture to procure fuel on behalf of the country, a trading company to consolidate fuel on behalf of the industry, and to exploit a recent bilateral agreement signed between Namibia and Angola. “We need now to engage the Ministry of Mines and Energy on the way forward,” said !Gawaxab.
“Without the 50% import mandate, we do about N$700 million in revenue. Just think what we can do for the economy with 50% or 100% of the import mandate,” he added. !Gawaxab was also proud to talk about the strides NAMCOR made since 2012, thanking and congratulating NAMCOR employees. Said the proud Board Chairman, “NAMCOR has made significant strides in response to improving corporate governance and internal control. NAMCOR has achieved significant milestones which include an embedded integrated corporate governance framework and structure, an unqualified external audit statement for the year ended March 2015 [which is] a first in the history of NAMCOR, and the development of the business continuity management strategy.”
He added “we are strengthening our capacity to create long-term value. Corporate governance is on a very sound footing as evidenced by the results of the company, [we’ve witnessed] a step change in operational performance and efficiency. Profitability programmes remain on track. Regarding Kudu, we have delivered on the mandate and we are working towards financial close in December 2015.”