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Namcor extends Mulunga’s contract for another five years

Namcor extends Mulunga’s contract for another five years

National oil company, Namcor has re-appointed Immanuel Mulunga as its Managing Director, the Namcor Board announced on Friday.

Mulunga’s 5-year employment agreement with Namcor came to an end on the 30 September and his new contract with the company was extended for another 5 years effective 01 October.

Mulunga has been at the helm of Namcor as Managing Director for the last 5 years, and the new mandate will see him at Namcor for 10 years.

“I would like to thank the new Board for your support and giving me and my team the mandate to continue the great work that we have already done. NAMCOR is well on its way to greatness, and we plan to continue on this growth trajectory to become self-sustaining in the near future,” said Mulunga.

Namcor has been mandated by the Namibian government to manage its N$5.5 billion National Oil Storage Facility with a 70 million litres capacity and Jetty at Walvis Bay which is due for commissioning towards the end of 2020.

Namcor Chairperson Jennifer Comalie highlighted the strides Namcor has made in the downstream space by rolling out 4 Namcor service stations in the last 2 years, with 4 currently under construction and another 4 planned for the current financial year.

“According to our Retail Master Plan, we want to have at least 33 service stations across the country by the end of 2020/24 to cement our brand presence in Namibia” said Comallie.

Namcor’s other major achievements include the signing of the multi billion Husab Mine contract and successfully serving the Botswana market with fuel. The company has seen a 56% growth in its revenue base over the last 5 years, exceeding the N$1 billion mark.

The company has further strengthened its total asset base of approximately N$658 million to N$1.2 billion as at March 2020.


 

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