Ruling in Namcor vs Erongo Petroleum set for June

An application brought by the National Petroleum Corporation of Namibia (Namcor) to provisionally liquidate Erongo Petroleum CC over an alleged debt of more than N$266 million was postponed for a second time last Friday after the presiding judge indicated that the ruling was not yet ready. Judgment will be delivered on 10 June. Austin Elindi, who leads Erongo Petroleum, is pushing back against the proceedings while maintaining that Namcor lacks the authority to act on behalf of its subsidiary, Namcor Petroleum Trading and Distribution (Pty) Ltd, which signed the agreements in question. In court filings, Namcor claims that Erongo Petroleum owes N$266.7 million under a 2020 Fuel Supply and Credit Agreement, comprising a capital amount of N$239.8 million and N$26.8 million in interest.

- Rita Kakelo