News24 | Namibia’s fuel deal with European giant raises questions over process
Namibia has entered into an emergency fuel-supply deal with Vitol Group, raising concerns about the process behind the agreement. Politician Rodney Cloete has called for an explanation regarding the lack of a competitive bidding process for this strategic deal. Critics argue that granting exclusive rights to a single foreign entity poses risks to the country's energy security and economic stability.
- ▪Namibia's Ministry of Industries, Mines and Energy announced a fuel supply deal with Vitol Group to mitigate price shocks caused by the Iran war.
- ▪Politician Rodney Cloete has questioned the government's decision to award the deal without a competitive process.
- ▪Critics, including former state oil firm director Maureen Hinda-Mbuende, warn that the deal could jeopardize national energy security.
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For more financial news, visit News24 Business.Namibia’s decision to arrange an emergency fuel-supply deal with the European commodity trader Vitol Group has raised questions in the country, including from a politician, over how the process was conducted.The Ministry of Industries, Mines and Energy on Saturday announced the deal for the trader to supply fuel from July through September as part of an effort to mitigate price shocks for oil products caused by the Iran war. Namibia consulted governments, international oil firms and the local industry to keep fuel prices as low as possible, minister Modestus Amutse said that day.
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