{"id":59041,"date":"2023-11-25T17:20:54","date_gmt":"2023-11-25T17:20:54","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/namcor-seeks-lifeline-in-gunvor-deal-amidst-financial-woes"},"modified":"2023-11-25T17:48:31","modified_gmt":"2023-11-25T17:48:31","slug":"namcor-seeks-lifeline-in-gunvor-deal-amidst-financial-woes","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/namcor-seeks-lifeline-in-gunvor-deal-amidst-financial-woes","title":{"rendered":"Namcor Seeks Lifeline in Gunvor Deal Amidst Financial Woes"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>Namibia\u2019s state-owned oil company, Namcor, has taken a strategic step to counter its \u201cunprecedented\u201d financial losses by entering a supply agreement with Gunvor Group Ltd., a prominent global energy commodities trading company. The company, grappling with significant setbacks stemming from market volatility and governance issues, recently disclosed a substantial loss of 700 million Namibian dollars (approximately $37 million), leading to severe cash flow constraints.<\/p>\n

To stabilize its operations, Namcor has inked a crucial supply deal with Gunvor, marking a pivotal move in addressing what acting managing director Shiwana Ndeunyema describes as an \u201cinterim solution for a potentially permanent problem.\u201d Ndeunyema emphasizes that the primary goal is to \u201censure continued supply of product to supply our customers.\u201d Gunvor, the trading company involved in the agreement, has opted not to provide comments on the matter at this time.<\/p>\n

Namcor\u2019s financial challenges are attributed to a combination of factors, including market volatility and a \u201csignificant breach of internal controls and governance systems,\u201d as highlighted in the company\u2019s statement. In response to these issues, Namcor has crafted a recovery plan that incorporates a necessary capital injection.<\/p>\n

The collaboration with Gunvor stands as a pivotal measure in Namcor\u2019s endeavour to navigate through its financial turmoil. While the agreement acts as an immediate solution, the company\u2019s long-term stability depends on its successful implementation of the recovery plan and its capacity to address the foundational governance issues contributing to its current predicament.<\/p>\n

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

Africa-Press – Namibia. Namibia\u2019s state-owned oil company, Namcor, has taken a strategic step to counter its \u201cunprecedented\u201d financial losses by entering a supply agreement with Gunvor Group Ltd., a prominent global energy commodities trading company. The company, grappling with significant setbacks stemming from market volatility and governance issues, recently disclosed a substantial loss of 700 […]<\/p>\n","protected":false},"author":84,"featured_media":59040,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-59041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nNamcor Seeks Lifeline in Gunvor Deal Amidst Financial Woes - Namibia<\/title>\n<meta name=\"description\" content=\"Namibia\u2019s state-owned oil company, Namcor, has taken a strategic step to counter its \u201cunprecedented\u201d financial losses by ...\" \/>\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\/namcor-seeks-lifeline-in-gunvor-deal-amidst-financial-woes\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Namcor Seeks Lifeline in Gunvor Deal Amidst Financial Woes\" \/>\n<meta property=\"og:description\" content=\"Namibia\u2019s state-owned oil company, Namcor, has taken a strategic step to counter its \u201cunprecedented\u201d financial losses by ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/namcor-seeks-lifeline-in-gunvor-deal-amidst-financial-woes\" \/>\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=\"2023-11-25T17:20:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-25T17:48:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/11\/sm_1700921782.38996.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"378\" \/>\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=\"2 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\/namcor-seeks-lifeline-in-gunvor-deal-amidst-financial-woes#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namcor-seeks-lifeline-in-gunvor-deal-amidst-financial-woes\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Namcor Seeks Lifeline in Gunvor Deal Amidst Financial Woes\",\"datePublished\":\"2023-11-25T17:20:54+00:00\",\"dateModified\":\"2023-11-25T17:48:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namcor-seeks-lifeline-in-gunvor-deal-amidst-financial-woes\"},\"wordCount\":259,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namcor-seeks-lifeline-in-gunvor-deal-amidst-financial-woes#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/11\/sm_1700921782.38996.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/namcor-seeks-lifeline-in-gunvor-deal-amidst-financial-woes#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namcor-seeks-lifeline-in-gunvor-deal-amidst-financial-woes\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namcor-seeks-lifeline-in-gunvor-deal-amidst-financial-woes\",\"name\":\"Namcor Seeks Lifeline in Gunvor Deal Amidst Financial Woes - 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