State-owned oil corporation, Namcor opened its first ever fuel retail site at the Hosea Kutako International Airport, which aims to provide motorists a wider choice of fuel outlets to purchase from.
Speaking at the official opening of the outlet this week, Mines and Energy Minister Tom Alweendo said Namcor's retail agenda looks at establishing a sufficient network of profitable sites, that will enable it to later serve remote areas such as regional capitals and rural areas that do not have access to these services.
"As the shareholder representative, we expect commercially classified state owned enterprises such as Namcor to deliver shareholder value at all times. And this has been a challenge to a number of state-owned enterprises. I am confident that the steps Namcor has taken towards becoming a profitable SOE will bear fruits," Alweendo said.
Alweendo further stressed that the challenges facing a number of state-owned enterprises is poor governance, adding that it is important that Boards and Management of state-owned enterprises do everything in their power to demonstrate a strong commitment to the enforcement of clear and firm standards of corporate governance.
"It is therefore incumbent on all of us to ensure that we continue to improve the effectiveness with which we manage State companies. In the end it is the ethical behaviour and sound business practices that will matter most in the promotion of good corporate governance. If we do that, we would have heeded the call of our President, Dr. Hage Geingob, who on numerous occasions has called upon all those in leadership positions to demonstrate transparency and accountability in all what we do in order to create trust with the public," Alweendo added.