Bloomberg News

Namibia Court Rules Cabinet Decision to End Glencore Deal Valid

June 22, 2012

Namibia’s Supreme Court ruled a Cabinet decision in 2010 to end an oil-import agreement involving Glencore Energy UK Ltd. was valid.

The government acted within its powers to revoke the mandate of the country’s state oil company to import half of Namibia’s crude requirements, according to a copy of the Windhoek-based court’s judgment, e-mailed today.

Namcor had entered in a joint venture with Glencore and Petroneft International Ltd. in 2008 to source the oil, the court said.

To contact the reporter on this story: Chamwe Kaira in Windhoek at ckaira@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


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