By: Erikka Koukulunhu
The National Petroleum Corporation of Namibia (Namcor) Acting Managing Director Ebson Uanguta revealed that the petroleum corporation was on the brink of liquidation before the government stepped in with a N$1.2 billion lifeline from state funds.
A significant portion of this was a N$1,1 billion debt to international oil seller Gunvor.
Speaking on Tuesday at an information sharing session with the Information Ministry, Uanguta highlighted that the Namibian government provided a N$1.2 billion sovereign guarantee, which allowed Namcor to settle major financial obligations with key suppliers, restructure part of the debt, and stabilise its operations.
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