Namcor opens first fuel station

21 November 2019 | Infrastructure

Namcor’s first fuel retail site officially opened on Thursday, giving consumers a wider choice of fuel outlets to purchase from, while also providing business opportunities to Namibians. “This is so because I understand that although Namcor invested in the construction of the site, it will be operated by Namibian entrepreneurs,” said mines and energy minister, Tom Alweendo.
At the event, Alweendo said that Namcor’s retail agenda looks at establishing a network of profitable sites that will enable it to serve regional capitals and rural areas that do not have access to these services. “As the shareholder representative, we expect commercially classified state owned enterprises like Namcor to deliver shareholder value at all times, and this has been a challenge to a number of SOEs. I am confident that the steps Namcor has taken towards becoming a profitable SOE will bear fruits.”
Alweendo said that SOEs face a number of challenges due to poor governance. Given this, he said that, “There is no doubt that the board of directors is fully responsible for the oversight role of the company. In other words it is the board that is responsible for the performance of any company. Given the important roles played by the SOEs in the economy, it is no exaggeration to say that good corporate governance in our SOEs is a critical factor in our socio-economic development. Currently, SOEs have assets of more than N$62 billion and an annual income of more than N$23 billion. These are big numbers by all accounts.
“It is therefore incumbent on all of us to ensure that we continue to improve the effectiveness with which we manage State companies. In the end it is the ethical behaviour and sound business practices that will matter most in the promotion of good corporate governance.”
It is in this light that he urged the Namcor board and management to leave no stone unturned in promoting good governance at all levels in the company. “If we do that successfully, I have no doubt that Namcor will be on its way to become a state company that all we can be proud of.”
The Namcor fuel station is located at Hosea Kutako International Airport.

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