NAMIBIA’S NATIONAL PETROLEUM CORP, VITOL EXTEND NEGOTIATIONS ON STORAGE FACILITY AT WALVIS BAY

NEW YORK CITY, The State-owned National Petroleum Corporation of Namibia (Namcor) has signed an agreement with Dutch energy and commodities company Vitol Group to extend their negotiations on the setting up of a commercial storage facility (CSF) at Walvis Bay.

Namcor Managing Director Immanuel Mulunga told the Namibian media in New York City, that the agreement reached here Tuesday, follows a Memorandum of Understanding (MoU) signed last year with Vitol to co-operate in various areas.

VTTI Energy Partners, a company owned by Vitol Group, recently acquired land at the port of Walvis Bay to put up a CSF.

Mulunga said Namcor would want to use the CSF to store some of Government's heavy fuel oil (HFO).

"We are going to use this CSF, going forward, to store some of our HFO because the Government's strategic storage facility does not carry enough HFO," he explained.

Namcor will own 10 per cent of the CSF.

"We are also looking at discussing with them to see whether they can help us operate and manage the government's strategic storage facility on our behalf, because the understanding is that Namcor will be tasked by the government to operate its strategic storage facility," he added.

Private oil companies own the existing storage facilities in Namibia.

Source: NAM NEWS NETWORK