{"id":20416,"date":"2022-04-13T19:29:17","date_gmt":"2022-04-13T19:29:17","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/all-news\/nocma-lifts-credit-facility-for-oil-firms"},"modified":"2022-04-13T19:50:33","modified_gmt":"2022-04-13T19:50:33","slug":"nocma-lifts-credit-facility-for-oil-firms","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/nocma-lifts-credit-facility-for-oil-firms","title":{"rendered":"Nocma lifts credit facility for oil firms"},"content":{"rendered":"

Africa-Press – Malawi. <\/strong><\/span>State-owned National Oil Company of Malawi (Nocma) has cancelled an arrangement with oil marketing companies which was allowing them to lift fuel from Nocma reserves on credit.<\/p>\n

Nocma Deputy Chief Executive Officer Helen Buluma said the institution will be dealing with the companies on up-front payment basis. She said cancellation of the deal comes at a time the entity has been entrusted with the task of importing a larger chunk of the fuel the country requires.<\/p>\n

\u201cWe give them [the companies] fuel on credit per month, which we tie in about K16 billion at a period of 30 days.<\/p>\n

\u201cThis is government money. We cannot tie K16 billion to multinationals; so, we expect that they will be able to speak to their shareholders and financiers to pump in resources during this period,\u201d she said.<\/p>\n

Buluma said Nocma had already officially written the companies in January, announcing the end of the credit-based purchase agreement. The companies involved include Puma, Total Energies, Petroda and Vivo Energy Malawi.<\/p>\n

Officials from some of the firms declined to comment on what they rated as contractual matters. This comes amid heated tension between Nocma and fuel importing companies over proposals to have the former get the lion\u2019s share of fuel imported into the country.<\/p>\n

The Parliamentary Committee on Natural Resources and Climate Change has been proposing that the government have 90 percent control of fuel imports through Nocma.<\/p>\n

The proposal entails that Petroleum Importers Limited would be left to import only 10 percent of the country\u2019s fuel requirements, down from the current 45 percent.<\/p>\n

Justin Mkweu is a fast growing reporter who currently works with Times Group on the business desk. He is however flexible as he also writes about current affairs and national issues.<\/p>\n

For More News And Analysis About Malawi<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Malawi. State-owned National Oil Company of Malawi (Nocma) has cancelled an arrangement with oil marketing companies which was allowing them to lift fuel from Nocma reserves on credit. Nocma Deputy Chief Executive Officer Helen Buluma said the institution will be dealing with the companies on up-front payment basis. She said cancellation of the […]<\/p>\n","protected":false},"author":84,"featured_media":20415,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[233,371,2105,234,711],"class_list":["post-20416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-malawi","tag-helen-buluma","tag-malawi","tag-nocma"],"yoast_head":"\nNocma lifts credit facility for oil firms - Malawi<\/title>\n<meta name=\"description\" content=\"State-owned National Oil Company of Malawi (Nocma) has cancelled an arrangement with oil marketing companies which was a ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/malawi\/all-news\/nocma-lifts-credit-facility-for-oil-firms\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nocma lifts credit facility for oil firms\" \/>\n<meta property=\"og:description\" content=\"State-owned National Oil Company of Malawi (Nocma) has cancelled an arrangement with oil marketing companies which was a ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/malawi\/all-news\/nocma-lifts-credit-facility-for-oil-firms\" \/>\n<meta property=\"og:site_name\" content=\"Malawi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-13T19:29:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-13T19:50:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2022\/04\/img-625729661f2d4.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"682\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/nocma-lifts-credit-facility-for-oil-firms#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/nocma-lifts-credit-facility-for-oil-firms\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Nocma lifts credit facility for oil firms\",\"datePublished\":\"2022-04-13T19:29:17+00:00\",\"dateModified\":\"2022-04-13T19:50:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/nocma-lifts-credit-facility-for-oil-firms\"},\"wordCount\":306,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/nocma-lifts-credit-facility-for-oil-firms#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2022\/04\/img-625729661f2d4.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Malawi\",\"HELEN BULUMA\",\"Malawi\",\"nocma\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/nocma-lifts-credit-facility-for-oil-firms#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/nocma-lifts-credit-facility-for-oil-firms\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/nocma-lifts-credit-facility-for-oil-firms\",\"name\":\"Nocma lifts credit facility for oil firms - 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