🇳🇦NamibiaSouthern Africa
Vitol awarded Namibia fuel tender due to no government guarantee requirement
via The Namibian2 min read
Energy Minister Modestus Amutse announced that international oil trader Vitol was awarded the tender to supply fuel to Namibia for the next three months because the company did not require government guarantees. Amutse explained that state oil company Namcor, despite offering a price 10 cents less than the basic fuel price BFP, was disqualified because it needed a guarantee to source oil. He clarified that Namcor is a spot buyer, not an international trader, and spot buying does not guarantee prices past a specific date. Other bidders, Starboard and SDAL Services Ltd, also required guarantees, which the government aimed to avoid. TotalEnergies submitted a bid with a price higher than the BFP. Amutse defended the arrangement with Vitol, stating it allows Namibia's wholesalers to procure fuel at a lower price without premiums, and that Vitol currently supplies 60% of fuel to Namibia's wholesalers. He also noted that arrangements are being made for a bulk supply process for fuel, and that the question regarding the competition commission's determination on Nasan Energies buying fuel from Vitol is under consideration.
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This summary was AI-generated from a story originally published by The Namibian.
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