May 3, 2018 [Tank News International] - Construction of the N$5.6bn ($4.5m) national oil storage facility at Walvis Bay, Namibia, is due to be completed in June.
According to Kornelia Shilunga, the Deputy Minister of Mines and Energy, the project is 95% complete. It is funded through the National Energy Fund (NEF) and is projected to cost N$5.6bn, N$1.9bn ($1.5m) over initial estimates made a few years ago.
The new bulk storage facility will be the largest fuel storage facility in the country, and the first to be 100% government-owned through National Petroleum Corporation of Namibia (Namcor). The new facility will allow the country to keep a given threshold of products.
Namibia’s current strategy in terms strategic fuel reserves states that the country should hold between 30 to 45 days of reserves. Currently it is estimated that all the fuel storage facilities in the country can cater for a approximately 15 days or less of strategic fuel reserves.
The new facility will allow the country to keep a given threshold of products. With the construction of this facility, Namcor intends to establish depots in strategic towns such as Ondangwa, Grootfontein, Mariental, Keetmanshoop, Gobabis and Luderitz.
—————————-
TankTerminals.com – Research, Market and Expand Your Presence within the Tank Storage Industry Learn more.
