As the National Petroleum Corporation of Namibia (NAMCOR) readies itself for the re-instatement of its 50% fuel import mandate, the oil and gas entity also recently provided a progress update on the construction of its 500 million litre bulk fuel storage facility.
Speaking to the Economist late last week on the sidelines of a Kudu Gas presentation was Ludwig Kapingana, Executive: Commercial Business Unit who acted as CEO since the departure of former head, Obeth Kandjoze.
Kapingana said, “a site has already been identified for the construction of the bulk fuel storage facility. We are also currently doing the final design plans as well as mapping out the route the pipeline will have to follow from bulk fuel storage facility to the tanker jetty.” Giving a brief explanation of the entire project, Kapingana said that it would comprise a tanker jetty, two berths, a pipeline and the bulk fuel storage facility.
The N$3 billion project is being constructed by the same Chinese company responsible for the construction of the expansion of the Port of Walvis Bay currently underway.
Other issues Kapingana also alluded to was the interest from Botswana and Zambia about the potential for an oil refinery.
Also speaking at the recent presentation was NAMCOR board chairman, Johannes !Gawaxab who said that NAMCOR was making pro-active investments for the possible re-instatement of the 50% fuel import mandate.
An excited !Gawaxab said, “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.