WINDHOEK: The National Petroleum Corporation of Namibia (Namcor) has recorded an operating profit of N.dollars 77,4 million for the period of six months, ending September this year.
The chairman of Namcor’s Board of Directors Johannes !Gawaxab told Nampa in an interview on Monday after a media briefing that the company is focused on recording a profit of more than N.dollars 100 million towards the end of this year.
“This significant increase, despite an increase in group expenses by 8,5 per cent for the same period, was attributable to signature bonuses received during the reporting period,” he noted.
He said fuel trading revenue also increased by 20 per cent to N.dollars 15 million, year-on-year.
Namcor focuses on domestic imperatives and needs, but has the potential to grow to become a key international player in the industry.
“Never has the opportunity been so ready for Namcor to come into its own, both as strategic, local and continental player, but also as a company that can make a significant impact on the Namibian economy,” he said during the media briefing that took place in the capital today.
!Gawaxab said Namcor is an integrated company, and as a downstream operator, needs to get the product to the customer, while on upstream operations, the focus is on exploration and the production of oil and gas.
Upstream activities are revenue-generating, which is critical in the exploration of oil and gas, while downstream activities, which have historically not been very profitable, are focused on getting the product to remote and rural areas.
“Namibia needs a safe, reliable and sustainable supply of energy to fuel its social and economic development,” stressed !Gawaxab.
Namcor has also made headway both operationally and strategically, whilst the operating environment locally and globally continues to be fragile, uncertain and unstable.
“We have turned around the operational performance of Namcor, and the company is positioned to now play its role as the national oil company,” he boasted.
Gawaxab further stated that they need a national oil company to respond to the needs of society and the interests of the State, to promote the exploration and development of oil and gas resources and to ensure a secure and reliable supply of oil.
Namcor is a legally-enacted entity, with limited liability under the Namibian Companies’ Act of 1973.
The Government of Namibia is its sole shareholder.
Under the Petroleum (Exploration and Production) Act of 1991 NAMCOR (Pty) Ltd has the right to carry out reconnaissance, exploration and production operations either on its own, or in partnership with other organisations in the industry.
Its main objective is to ensure security of supply of oil and gas through upstream and downstream operations.