Oil storage facility generates N$3.3bn
The facility is currently operating at 60% of its capacity.
Acting public enterprise minister Iipumbu Shiimi said this in his response in Parliament on questions posed to him regarding Namcor spending N$5.8 billion to construct the facility.
According to him, the corporation imports product and distributes it inland to its customers, exporting the rest to Botswana and Zambia.
“Namcor has also recently started handling product imported by other international marketing companies such as Puma, Engen and TotalEnergies through the NOSF jetty to their respective terminals.”
Ensuring fuel supply
Shiimi stressed that the facility is not being leased a third party, but is solely managed by Namcor.
“Namcor, however, hosts two international marketing companies as agreed upon and approved by government. The two companies are Gunvor and Validus Energy.”
Government constructed NOSF to ensure Namibia’s security of fuel supply. It comprises of a tanker jetty, multiple product pipelines and a terminal comprising seven tanks, with a capacity of 75 million litres.
It was designed and constructed as a strategic storage facility with the primary aim of increasing Namibia’s security of fuel supply from the previous seven to 10 days to 30 to 45 days in situations where the country cannot import petroleum products from the international market.