Namcor declares dividends

THE Minister of Mines and Energy, Erkki Nghimtina, has urged the Namibia Petroleum Corporation (Namcor) to become a major player in the oil industry.

Nghimtima said the need to make Namibia an oil-producing country was now more urgent than before because the price of oil and oil products in “international markets is increasingly becoming unaffordable”. Import of fuel, he said, has become a burden to the national economy as it drains the country’s foreign currency reserves.Nghimtina said this yesterday when Namcor declared an interim dividend and handed over a cheque of N$2,3 million to the Government.In October last year, Namcor also declared a dividend of N$2 million.Nghimtina said that Namcor since its establishment had transformed itself from a Government grant-receiving entity into a “self-sustaining force to be reckoned with in the oil industry in the country”.”I urge Namcor, as well as all other oil exploration licence holders in the country, to redouble efforts to find oil and help achieve this noble objective of turning Namibia into an oil-producing as well as energy self-sufficient country.”he said.NAMCOR’s main business is to ensure the optimum exploitation of Namibia ‘s petroleum resources and meaningful Namibian participation in resulting business developments in petroleum-related exploration activities.The company also acts as advisor to the Ministry of Mines and Energy and assists it in monitoring the exploration activities of petroleum exploration licence holders.Import of fuel, he said, has become a burden to the national economy as it drains the country’s foreign currency reserves.Nghimtina said this yesterday when Namcor declared an interim dividend and handed over a cheque of N$2,3 million to the Government.In October last year, Namcor also declared a dividend of N$2 million.Nghimtina said that Namcor since its establishment had transformed itself from a Government grant-receiving entity into a “self-sustaining force to be reckoned with in the oil industry in the country”.”I urge Namcor, as well as all other oil exploration licence holders in the country, to redouble efforts to find oil and help achieve this noble objective of turning Namibia into an oil-producing as well as energy self-sufficient country.”he said.NAMCOR’s main business is to ensure the optimum exploitation of Namibia ‘s petroleum resources and meaningful Namibian participation in resulting business developments in petroleum-related exploration activities.The company also acts as advisor to the Ministry of Mines and Energy and assists it in monitoring the exploration activities of petroleum exploration licence holders.