Custos funds UNAM campus
Custos Energy will contribute N$10 million towards the construction of the University of Namibia’s planned campus in Walvis Bay once a transaction to transfer its stake in offshore oil licence petroleum exploration licence (PEL) 90 to Chevron is completed.
The contribution will be made through the Knowledge Katti Foundation to the UNAM Foundation and is subject to the required regulatory and other approvals for the petroleum transaction.
Custos announced the commitment on Wednesday as part of an agreement under which its wholly owned subsidiary, Trago Energy, will transfer its entire 10% participating interest in PEL 90 to Chevron affiliate Harmattan Energy Limited.
Custos chairman and chief executive Knowledge Katti said the contribution would support the establishment of UNAM’s first campus in Walvis Bay and give students greater access to an area emerging as a centre for Namibia’s offshore oil and gas industry.
“Namibia’s greatest resource is its young people,” Katti said. “As a son of Walvis Bay, I am proud that we can help bring UNAM’s first campus to the town. It is a strategic investment that will allow young people from all over Namibia to study close to where the industry is based.”
The N$10 million contribution is conditional on completion of the PEL 90 transaction and has not yet been paid.
Custos said the donation builds on the Knowledge Katti Foundation’s support for education, including sponsorship for more than 120 Namibian students to attend university.
UNAM is advancing plans for its new Walvis Bay campus as the coastal town seeks to expand its role in Namibia’s energy and industrial sectors.
Under the transaction, Trago will transfer its 10% participating interest in PEL 90 to Chevron in exchange for US$11 million in cash upon completion.
