Africa-Press – Namibia. THE National Petroleum Corporation of Namibia, NAMCOR, has stated that it is working towards completing the Sonangol transaction, emphasizing its significance as a catalyst for growth.
The deal, initiated by the now suspended Managing Director Immanuel Mulunga, faced opposition from board members after it was alleged that Mulunga made a payment of over N$100 million to secure the deal. However, this payment was not authorized by the board.
In a press statement, the NAMCOR Board of Directors addressed the concerns raised by the public and media regarding the acquisition of a working interest in Block 15/06, known as the Transaction.
“NAMCOR acknowledges the ongoing interest and understands the importance of providing accurate information to maintain transparency. We want to assure the public that all parties are fully committed and working together to bring this important Transaction to its logical conclusion, which we expect to be in 2023. NAMCOR kindly requests the media and the Namibian nation at large to be aware of the commercially sensitive nature of transactions like this and remain patient to facilitate a smooth completion of the Transaction,” the Board said.
It is alleged that the Angolan national oil company, Sonangol, refunded N$524 million to Sungara Energies, a London-based joint venture entity co-owned by NAMCOR, Sequa Petroleum, and Petrolog Group. Mulunga paid N$100 million on behalf of Sequa Petroleum, which did not have funds available at the time to secure the joint venture deal.
The NAMCOR Board of Directors stated that it is unable to disclose further details or provide additional information regarding the Transaction. “Please be assured that NAMCOR remains committed to upholding the highest standards of corporate governance and complying with all legal and regulatory requirements. NAMCOR appreciates the public’s trust and support during this period. We remain committed to serving the interests of Namibia and its citizens in the energy sector,” the board said.
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