Immanuel Mulunga has been re-appointed as the managing director of the National Petroleum Corporation of Namibia (Namcor). His appointment was confirmed by the Namcor board chairperson at a special press briefing on Friday morning.
Chairperson Jennifer Comallie, accompanied by fellow board members at their first media briefing together, assured the public that they are looking forward to delivering on Namcor’s mandate and that the managing director has the full support of the board to implement the business plan.
“As you might be aware, the managing director’s five-year employment agreement with Namcor has come to an end on the 30th September 2020. The board has diligently deliberated on the way forward – and after taking all factors into consideration, we have resolved to extend Mr Mulunga’s contract for another five years, effective 1st October 2020,” said Comallie.
Mulunga has been at the helm of Namcor as managing director for the last five years, and the new mandate will see him at Namcor for 10 years.
According to a Namcor statement, the corporation has made great strides in the last five years under Mulunga’s leadership by maintaining an unqualified audit opinion in its financials since 2015, with total cash of N$205 million in the bank.
The oil company has seen a 56% growth in its revenue base over the last 5 years that saw Namcor exceeding the N$1 billion mark. The company has strengthened its total asset base of approximately N$658 million to N$1.2 billion, which is an increase of about 89% as at March 2020.
“A notable achievement is tripling the company’s market share from a mere 5% in 2015 to 13% at present, and importantly maintaining Namcor’s position as the market leader in the supply of heavy fuel oil,” read the company statement.
Namcor has been mandated by the government to manage its N$5.5 billion National Oil Storage Facility with a 70 million litres capacity and Jetty at Walvis Bay which is due for commissioning towards the end of 2020, presenting the company with an excellent opportunity to increase its competitiveness in the downstream space and ensuring Namibia’s security of supply of petroleum products now and in the future.
Comallie highlighted the strides Namcor made in the downstream space by rolling out four Namcor service stations in the last two years, with another four currently under construction and four more planned for the current financial year.
“According to our Retail Master Plan, we want to have at least 33 service stations across the country by the end of 2020/24 to cement our brand presence in Namibia,” said Comallie.
Other major achievements for Namcor include the signing of the multi-billion Husab Mine contract and successfully serving the Botswana market with fuel.
On the Upstream side, Namcor has successfully farmed out two exploration licences to ExxonMobil and will now focus on the acquisition of production assets internationally.
Mulunga, in his acceptance speech, thanked the board for the trust they have shown in him by extending his contract.
“I would like to thank the new Board for your support and for giving me and my team the mandate to continue the great work that we have already done. Namcor is well on its way to greatness, and we plan to continue on this growth trajectory to become self-sustaining in the near future,” said Mulunga.