| NAMCOR sets record straight on oil import |
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| Written by Staff Reporters | |
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The National Petroleum Corporation of Namibia (NAMCOR) said this week that all the incidents that occurred during the past five months, as it imported petroleum products, enabled the company to build sufficient capacity to handle all logistics and operational matters pertaining to the importation of petroleum products.
“This position can be confirmed by the generation of profits from the
past three shipments,” the company said in response to a report in a
daily newspaper, which reported last week that the company had made a
loss of N$26 million when a ship, which was supposed to bring fuel to
the country, was turned back after oil companies said it did not meet
industry requirements.
Managing director Sam Beukes said in the statement that a task team was set up by the government to facilitate the impasse between NAMCOR and the oil industry on the discharge of the vessel MT Farandol. NAMCOR compiled a comprehensive incident report on the MT Farandol for the government. NAMCOR said that the losses incurred in March on the vessel Emerald Star are clear operational losses that occurred as a result of the international crude oil market prices that escalated beyond expectation at that time. Furthermore, the situation was exacerbated by the depreciation of the Namibia dollar against the United States dollar to levels above N$8, the company said. “For the record, the managing director informs the Namibian public that the environment of oil trading exposes any player to the concomitant risk and rewards. It should be noted that NAMCOR has entered this arena of international oil trading for the first time in 2008. Prior efforts by our former suppliers to build capacity and transfer skills have failed hence all the teething problems faced currently,” NAMCOR said. |
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