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November fuel prices stay unchanged as global oil market remains stable

November fuel prices stay unchanged as global oil market remains stable

The Ministry of Mines and Energy has decided to keep prices for 95 Octane Unleaded Petrol and Diesel 50 ppm unchanged at N$13.05 and N$13.63 per litre respectively for the month of November 2019.

Minister Tom Alweendo said this is because of the relatively stable condition the global oil market has been in throughout the month of October 2019, in that, there were no major events to trigger major fluctuations in the prices of refined oil.

Alweendo said that on average, prices came down compared to the preceding month. A barrel of refined petrol traded on average, at US$72 per barrel throughout October, while September recorded an average of US$73 for the same product. Diesel traded on average at US$76 throughout October whereas September recorded an average of US$77.

“Overall, there was a slight reduction in global oil prices in October compared to September, which is a good development for a net importer of oil like Namibia because it means low under-recoveries for the month,” Alweendo said.

The minister further noted that there was no significant fluctuations in the exchange rate between the Namibia Dollar and the US Dollar throughout October which slightly depreciated, on average, from N$14.80 in September 2019, to N$14.90 in the period under review. This depreciation has not however led to adverse results in the provisional Basic Fuel Price figures.

“The National Energy Fund will spare consumers the pinch at the pumps by subsidizing the under-recoveries. It is estimated that the subsidy will be in excess of N$40 million,” Alweendo added.


 

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Donald Matthys

Donald Matthys has been part of the media fraternity since 2015. He has been working at the Namibia Economist for the past three years mainly covering business, tourism and agriculture. Donald occasionally refers to himself as a theatre maker and has staged two theatre plays so far. Follow him on twitter at @zuleitmatthys

Following reverse listing, public can now acquire shareholding in Paratus Namibia

Promotion

20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.