From Business Week
Namibia’s state oil company will start building a $241-million fuel storage and offloading jetty at the port of Walvis Bay next year as it plans a return to the retail market.
The 80 million-liter storage facility 311 kilometers (193 miles) west of the capital, Windhoek, will be linked by pipeline to the jetty, National Petroleum Corp. of Namibia Managing Director Obeth Kandjoze said in an interview today. The government-financed project will allow the company known as Namcor to sell and distribute petroleum products in Namibia.
“The current storage facilities are inadequate, obsolete and have exceeded their lifespan,” Kandjoze said. “Building new storage facilities is critical to security of supply.”
Namcor will next year seek to refresh a government mandate, which was revoked in 2010, to import and distribute half Namibia’s petroleum requirements by 2015, Kandjoze said. The state-owned company will seek a private partner to invest in retail chains across the country, he said. Namibia relies on companies including Total SA, Engen and Puma Energy for fuel storage.
Namcor has also shortlisted seven international investors for the 37.8 percent stake it’s selling in the Kudu gas field off the southwest African nation, Kandjoze said. The company has signed non-disclosure agreements with two of the parties and will choose a buyer by March, he said.
Written byFelix Njini/ Read more at Business Week
