Since 2003, NAMCOR has been an important, if not the most important player in the importation of petroleum products for Namibia and has fulfilled its mandate of delivering 50% of the country's petroleum product requirements.The National Petroleum Corporation of Namibia , NAMCOR, is a legally enacted entity with limited liability under the Namibian Companies Act of 1973. The Government of the Republic of Namibia is its sole shareholder.
Under the Petroleum (Exploration and Production) Act of 1991 NAMCOR (Pty) Ltd has the right to carry out reconnaissance, exploration and production operations either on its own or in partnership with other organisations in the industry.
The Act further stipulates that NAMCOR, if required by the Minister of Mines and Energy, can carry out any process of refining, disposing of or dealing with petroleum.
NAMCOR's main business is to ensure the optimum exploitation of Namibia 's petroleum resources and meaningful Namibian participation in resulting business developments in petroleum related exploration activities. The company also acts as advisor to the Ministry of Mines and Energy and assists it in monitoring the exploration activities of licensees.