Andreas, Kasuto quit N$4b Lüderitz oil project

Businessmen Josef Andreas and Jason Kasuto are walking away from a proposed N$4 billion Lüderitz oil and gas supply-base project and will not participate in Namport’s renewed search for a private developer.

Andreas, who previously indicated that he remained interested in investing if another opportunity became available, told Namibian Sun on Monday that he had changed his position and was no longer pursuing the project.

He also dismissed claims that he had mobilised Chinese investors to participate in the new bidding process.

In a separate interview, Kasuto told Namibian Sun he had resigned from the venture several months ago and had held no discussions about participating in Namport’s new request for proposals.

“I have no interest in the project and therefore have had no discussions on the project and its details, nor am I or any entity I’m aware of going to be participating in any request for proposals,” Kasuto said.

“My resignation took place several months ago to focus on areas more aligned with my purpose. This is not one of them.”

Namport reopened the project to competition after rejecting a proposal from Alpha Nautical Offshore Logistics Namibia (ANOL), saying the consortium had failed to demonstrate the financial, technical and operational capacity required to develop and manage the facility.

The port authority invited fresh expressions of interest on 12 August for a private developer to design, build, own, operate and eventually transfer the supply base under a concession of up to 25 years.

Conflicting ownership views

The confirmed withdrawals of Andreas and Kasuto come amid conflicting claims about Andreas’ relationship with ANOL and the ownership of the consortium that pursued the original proposal.

Documents previously reviewed by Namibian Sun indicated that Andreas’ Tulaing Financial Services and Heritage Oasis Group Investment, associated with Kasuto, collectively represented the proposed 51% Namibian interest in ANOL.

Alpha Offshore Solutions Limited, linked to Ghanaian businessman Jory Adu-Boahene, reportedly held the remaining 49%.

Andreas previously claimed that Tulaing held 25.5% of ANOL and that a shareholder resolution had appointed him as a director. He later said his proposed investment had not been completed because the parties could not agree on the percentage of shares offered to him and his directorship.

He has now rejected ANOL’s claim that it had no relationship with him, saying he possesses a share certificate signed by Kasuto. The legal effect of that certificate and whether the proposed share transaction was completed could not independently be established.

“I have a share certificate signed by Jason Kasuto. I was acquiring shares in Jason’s company called Heritage Investment. Heritage, in turn, has 51% in ANOL Namibia,” Andreas told Namibian Sun.

“I will share with you a share certificate signed by Jason, who is a director in ANOL, and his company has 51% of ANOL through Heritage. I have 25.5% in Heritage," he added.

The latest claim that Andreas held 25.5% of Heritage differs from earlier documents in which he claimed that Tulaing directly held 25.5% of ANOL.

Adu-Boahene, however, maintained that ANOL had no relationship with Andreas and expressed surprise at suggestions that its participation in the project had been linked to him.

“We have no relationship with Mr Andreas, and we are baffled by any suggestion that ANOL’s involvement was connected to him or to any separate shareholder or political dispute,” Adu-Boahene said.

“We entered the process as commercial participants and believed that we were dealing with an ordinary infrastructure and investment opportunity being advanced through the proper channels.”

Proposal falls short

In a letter dated 13 May, Namport informed government that ANOL had failed to demonstrate sufficient financial capacity, technical expertise, delivery capability or operational experience.

The authority also found that ANOL had no verifiable record of owning or operating an oil and gas supply base.

Robert Harbour, where ANOL proposed developing the facility, was also rejected because of its 8.75-metre water depth, hard-rock seabed and incompatibility with Namport’s master plan.

ANOL disputed Namport’s assessment, maintaining that it possessed the necessary expertise and had proposed dredging the harbour to an operational depth of between 9.5 and 10 metres.

On 4 November 2025, Cabinet authorised Namport and the Namibia Industrial Development Agency (Nida) to jointly develop an integrated oil and gas supply base in Lüderitz and source a private development partner.

The planned facility is intended to expand Lüderitz’s capacity to provide logistics, storage and other support services to Namibia’s emerging offshore oil and gas industry.

Money on the line

Andreas said ANOL Namibia had no assets because it was established as a special-purpose vehicle through which the partners intended to secure and implement the concession.

“Should the concessionshave been secured, each partner was going to contribute towards construction of the port, and that would have determined the final shareholding,” Andreas said.

He maintained that no participant was intended to receive a free-carried interest and said Tulaing’s balance sheet would have supported its share of the project’s liabilities.

Documents previously reviewed by Namibian Sun showed that Tulaing claimed to have obtained non-binding indicative term sheets from three Namibian financial institutions covering the project’s capital requirements. These were financing indications rather than committed loans, and the institutions were not identified.

ANOL separately proposed financing the project through 70% debt and 30% equity, with Afreximbank and the Fund for Export Development in Africa identified as prospective financiers. Any disbursement would have depended on the consortium first securing a concession agreement.

Andreas said he had spent an “immeasurable” amount pursuing the project and maintained that he had evidence of his expenditure.

“Everyone, including myself, has spent money on this project, and I have proof of this,” he said.