{"id":61385,"date":"2024-01-12T17:36:16","date_gmt":"2024-01-12T17:36:16","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/uanguta-to-steer-namcor-through-troubled-waters"},"modified":"2024-01-12T18:25:48","modified_gmt":"2024-01-12T18:25:48","slug":"uanguta-to-steer-namcor-through-troubled-waters","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/uanguta-to-steer-namcor-through-troubled-waters","title":{"rendered":"Uanguta to steer Namcor through troubled waters"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>Bank of Namibia deputy governor Ebson Uanguta yesterday assumed duty as the interim managing director of the National Petroleum Corporation of Namibia (Namcor) for the next six months.<\/p>\n

Namcor is a state-owned entity, responsible for the exploration, production, and marketing of Namibia\u2019s petroleum resources. In addition to other challenges, Uanguta is expected to steer the troubled institution that is currently experiencing severe cash flow issues, on the right course.<\/p>\n

In a statement issued this week, the company said Uanguta will be a great asset to Namcor during this critical transitional moment due to his vast knowledge of organisational and financial management.<\/p>\n

Uanguta, who has a wealth of experience and managerial expertise, is expected to turn things at Namcor around for the better. When contacted by this publication yesterday, he said he\u2019s going to do some consultations with all key stakeholders before commenting on anything. Uanguta replaces Shiwana Ndeunyema who held the position on an acting capacity for nine months.<\/p>\n

\u201cThe board wishes to express its gratitude to the outgoing interim managing director, Shiwana Ndeunyema, for his dedicated service at a critical time of Namcor\u2019s growth. During his nine-month tenure, Ndeunyema played a pivotal role in stabilising the company and securing essential funding as part of Namcor\u2019s turnaround strategy,\u201d reads the statement.<\/p>\n

During his tenure last year Ndeunyema stated that Namcor had developed a three-phase turnaround strategy to ensure its future sustainability. The strategy entails short-term financial stabilisation, as well as a request to government for a significant capital injection. The primary aim of the strategy is to address Namcor\u2019s current working capital deficit.<\/p>\n

As of 31 March 2023, Namcor faced a severe working capital deficit, with creditors owed N$2,5 billion. By September 2023, the corporation had managed to reduce this to N$1,9 billion through robust margin and profitability analysis, and strategic debt restructuring.<\/p>\n

Namcor\u2019s other operations consist upstream and downstream subsidiaries. The upstream sector involves exploration and extraction, while the downstream sector entails the retail side of the business. Downstream is the part of the oil and natural gas industry responsible for the refining, distributing and retailing of petroleum products.<\/p>\n

Towards the end of last year, Ndeunyema highlighted that Namcor\u2019s upstream entity is flourishing and has a positive bottom line but admitted that the downstream side is facing a myriad of challenges. Among these challenges are a volatile international oil market, as well as a constantly fluctuating currency exchange rate. As at 31 March 2023, Namcor\u2019s unaudited financial statements confirm the entity made an unprecedented net loss of N$700 million.<\/p>\n

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

Africa-Press – Namibia. Bank of Namibia deputy governor Ebson Uanguta yesterday assumed duty as the interim managing director of the National Petroleum Corporation of Namibia (Namcor) for the next six months. Namcor is a state-owned entity, responsible for the exploration, production, and marketing of Namibia\u2019s petroleum resources. In addition to other challenges, Uanguta is expected […]<\/p>\n","protected":false},"author":84,"featured_media":61384,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[234,236,233],"class_list":["post-61385","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nUanguta to steer Namcor through troubled waters - Namibia<\/title>\n<meta name=\"description\" content=\"Bank of Namibia deputy governor Ebson Uanguta yesterday assumed duty as the interim managing director of the National Pe ...\" \/>\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\/uanguta-to-steer-namcor-through-troubled-waters\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Uanguta to steer Namcor through troubled waters\" \/>\n<meta property=\"og:description\" content=\"Bank of Namibia deputy governor Ebson Uanguta yesterday assumed duty as the interim managing director of the National Pe ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/uanguta-to-steer-namcor-through-troubled-waters\" \/>\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=\"2024-01-12T17:36:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-12T18:25:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2024\/01\/sm_1705071033.953213.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"472\" \/>\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=\"3 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\/uanguta-to-steer-namcor-through-troubled-waters#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/uanguta-to-steer-namcor-through-troubled-waters\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Uanguta to steer Namcor through troubled waters\",\"datePublished\":\"2024-01-12T17:36:16+00:00\",\"dateModified\":\"2024-01-12T18:25:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/uanguta-to-steer-namcor-through-troubled-waters\"},\"wordCount\":442,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/uanguta-to-steer-namcor-through-troubled-waters#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2024\/01\/sm_1705071033.953213.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/uanguta-to-steer-namcor-through-troubled-waters#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/uanguta-to-steer-namcor-through-troubled-waters\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/uanguta-to-steer-namcor-through-troubled-waters\",\"name\":\"Uanguta to steer Namcor through troubled waters - 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