{"id":28766,"date":"2022-08-30T16:12:20","date_gmt":"2022-08-30T16:12:20","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/over-300-oil-traders-in-nam-too-many-ministry"},"modified":"2022-08-30T16:21:23","modified_gmt":"2022-08-30T16:21:23","slug":"over-300-oil-traders-in-nam-too-many-ministry","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/over-300-oil-traders-in-nam-too-many-ministry","title":{"rendered":"Over 300 oil traders in Nam too many \u2013 ministry"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Namibia. <\/strong><\/span>NAMIBIA has over 300 licensed oil companies, and the government has announced it will not issue new licences for wholesalers and fuel stations.<\/p>\n<p>NAMIBIA has over 300 licensed oil companies, and the government has announced it will not issue new licences for wholesalers and fuel stations.<\/p>\n<p>The total of 309 oil traders is considered too many for a small market, contributing in part to high fuel prices.<\/p>\n<p>Ministry of Mines and Energy spokesperson Andreas Simon last week said the ministry has noted with great concern that both the fuel retail and wholesale markets are saturated with licences, a situation he said has \u201ccreated problems that ultimately lead to high fuel prices in the country\u201d.<\/p>\n<p>He said therefore the ministry, as of last week, will not accept applications for new retail sites and wholesale licences nationwide until further notice.<\/p>\n<p>Exceptions, however, are applications for fuel consumer installation certificates and other licence amendments.<\/p>\n<p>Oluzizi, Otesa, Petrosol, United Africa Group and Total Energies are among the current licence holders.<\/p>\n<p>Fuel prices in Namibia have over the past months reached record levels \u2013 cancelling out all gains that companies and individuals are making in recovering from the onslaught of the Covid-19 pandemic.<\/p>\n<p>At the end of July, the energy ministry left fuel prices unchanged at N$22,28 for petrol and N$22,77 for diesel, and there expectations are that decreases would occur towards the end of the year.<\/p>\n<p>\u201cWhile oil market fundamentals should keep global oil prices high, recessionary fears and subsequent reduced demand for oil implies that oil prices could fall further. We therefore see risks to additional fuel price hikes in Namibia to be balanced,\u201d said Simonis Storm Securities analyst Theo Klein late last month.<\/p>\n<p>This suspension will shatter many companies&#8217; strategies, such as the National Petroleum Corporation of Namibia, which has indicated it planned to set up about 33 sites countrywide.<\/p>\n<p>\u201cWe are aware of this moratorium and it will severely affect the execution of the retail expansion strategy. We currently have several sites under construction which have been approved.<\/p>\n<p>\u201cThereafter we will have to comply with the moratorium and see how and when things will change,\u201d said Namcor spokesperson Paulo Coelho.<\/p>\n<p>There have also been major oil discoveries off the Namibian coast by both TotalEnergies and Shell \u2013 with commercialisation some five to 10 years ahead.<\/p>\n<p>CHEVRON IN NAM<\/p>\n<p>About two weeks ago, an American company was reported to be acquiring a majority stake in a block off-shore Namibia, close to TotalEnergies&#8217; Venus block, which was discovered recently.<\/p>\n<p>Namibia has oil depots at Otjiwarongo, Keetmanshoop, Grootfontein, Mariental, Otavi, Tsumeb, Okahandja, and Ondangwa, which appear to be under pressure due to many retailers.<\/p>\n<p>Email: [email protected]<\/p>\n<p>Twitter: @Lasarus_A<\/p>\n<p>The total of 309 oil traders is considered too many for a small market, contributing in part to high fuel prices.<\/p>\n<p>Ministry of Mines and Energy spokesperson Andreas Simon last week said the ministry has noted with great concern that both the fuel retail and wholesale markets are saturated with licences, a situation he said has \u201ccreated problems that ultimately lead to high fuel prices in the country\u201d.<\/p>\n<p>He said therefore the ministry, as of last week, will not accept applications for new retail sites and wholesale licences nationwide until further notice.<\/p>\n<p>Exceptions, however, are applications for fuel consumer installation certificates and other licence amendments.<\/p>\n<p>Oluzizi, Otesa, Petrosol, United Africa Group and Total Energies are among the current licence holders.<\/p>\n<p>Fuel prices in Namibia have over the past months reached record levels \u2013 cancelling out all gains that companies and individuals are making in recovering from the onslaught of the Covid-19 pandemic.<\/p>\n<p>At the end of July, the energy ministry left fuel prices unchanged at N$22,28 for petrol and N$22,77 for diesel, and there expectations are that decreases would occur towards the end of the year.<\/p>\n<p>\u201cWhile oil market fundamentals should keep global oil prices high, recessionary fears and subsequent reduced demand for oil implies that oil prices could fall further. We therefore see risks to additional fuel price hikes in Namibia to be balanced,\u201d said Simonis Storm Securities analyst Theo Klein late last month.<\/p>\n<p>This suspension will shatter many companies&#8217; strategies, such as the National Petroleum Corporation of Namibia, which has indicated it planned to set up about 33 sites countrywide.<\/p>\n<p>\u201cWe are aware of this moratorium and it will severely affect the execution of the retail expansion strategy. We currently have several sites under construction which have been approved.<\/p>\n<p>\u201cThereafter we will have to comply with the moratorium and see how and when things will change,\u201d said Namcor spokesperson Paulo Coelho.<\/p>\n<p>There have also been major oil discoveries off the Namibian coast by both TotalEnergies and Shell \u2013 with commercialisation some five to 10 years ahead.<\/p>\n<p>CHEVRON IN NAM<\/p>\n<p>About two weeks ago, an American company was reported to be acquiring a majority stake in a block off-shore Namibia, close to TotalEnergies&#8217; Venus block, which was discovered recently.<\/p>\n<p>Namibia has oil depots at Otjiwarongo, Keetmanshoop, Grootfontein, Mariental, Otavi, Tsumeb, Okahandja, and Ondangwa, which appear to be under pressure due to many retailers.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/namibia\">Namibia<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Namibia. NAMIBIA has over 300 licensed oil companies, and the government has announced it will not issue new licences for wholesalers and fuel stations. NAMIBIA has over 300 licensed oil companies, and the government has announced it will not issue new licences for wholesalers and fuel stations. The total of 309 oil traders [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":28765,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,236,233],"class_list":["post-28766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Over 300 oil traders in Nam too many \u2013 ministry - Namibia<\/title>\n<meta name=\"description\" content=\"NAMIBIA has over 300 licensed oil companies, and the government has announced it will not issue new licences for wholesa ...\" \/>\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\/namibia\/all-news\/over-300-oil-traders-in-nam-too-many-ministry\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Over 300 oil traders in Nam too many \u2013 ministry\" \/>\n<meta property=\"og:description\" content=\"NAMIBIA has over 300 licensed oil companies, and the government has announced it will not issue new licences for wholesa ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/over-300-oil-traders-in-nam-too-many-ministry\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-30T16:12:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-30T16:21:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/08\/postQueueImg_4-630e38e6da296.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\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=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/over-300-oil-traders-in-nam-too-many-ministry#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/over-300-oil-traders-in-nam-too-many-ministry\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Over 300 oil traders in Nam too many \u2013 ministry\",\"datePublished\":\"2022-08-30T16:12:20+00:00\",\"dateModified\":\"2022-08-30T16:21:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/over-300-oil-traders-in-nam-too-many-ministry\"},\"wordCount\":848,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/over-300-oil-traders-in-nam-too-many-ministry#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/08\/postQueueImg_4-630e38e6da296.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/over-300-oil-traders-in-nam-too-many-ministry#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/over-300-oil-traders-in-nam-too-many-ministry\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/over-300-oil-traders-in-nam-too-many-ministry\",\"name\":\"Over 300 oil traders in Nam too many \u2013 ministry - 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