Namcor planning to have storage facilities

State oil company, National Petroleum Corporation (Namcor) is looking at the possibilities of building its own oil storage facilities in the near future, acting managing director, Samuel Beukes said recently when the company celebrated its 15th anniversary. At present, the country's oil supplies are stored in facilities owned by foreign oil companies operating in Namibia.

Beukes said time has come for Namcor to deliver both on the upstream and downstream side of its business. On the downstream side, Beukes said Namcor is planning in future to own filling stations and expand its activities to become a world class player. “We have only reached the tip of the iceberg,” said Beukes. Namcor has grown its balance sheet from N$50 million six years ago to over N$120 million. Namcor imports 50% of the country's fuel requirements and has achieved the goal of maintaining a steady supply of fuel, Namibia was still reliant on the South African market. The idea situation for Namcor will be to participate more upstream-the exploration and recovery of oil from below surface. Up until now, Namcor has only been a small player in upstream. The company has been allocated up to 10% stakes in some blocks.