BDP man hits a billion Pula Jackpot in Namibia

Chairman of Pula Holdings, Kagiso Mmusi’s has struck gold in Namibia. Mmusi’s company has gone into a joint venture partnership with a Namibian gas company and a major company from the United Arab Emirates (UAE) to set up a Liquefied Petroleum Gas project in Namibia. Mmusi is the current BDP Deputy Treasurer. Mmusi’s mother is also listed as one of the directors.

Pula Holdings and Ehalo Investment Holdings (Pty) Ltd of Namibia are in a billion US dollar project with the Emirates National Oil Company. According to documents seen by the Botswana Guardian the Corridor Gas Oil Terminal project’s main business activity will involve providing bulk Liquefied Petroleum Gas “LPG” facility to the Southern African Development Community (SADC) market for domestic and industrial use. These activities will be extended to create LPG distribution points throughout Southern Africa. Corridor Gas, with its technical partner the Emirates National Oil Company (ENOC) of Dubai wishes to establish the importing terminal at the Luderitz Port.

The project is a priority for the Namibian government and the country’s Trade Minister, Calle Schlettwein who, quoted last week in Dubai saying ENOC is already busy setting up a gas terminal in Luderitz. According to this week’s Windhoek Observer, the minister also said land for the gas terminal has been allocated. Pula Holdings’ Group General Manager, Kgang Kgang this week said they are making progress. He said the project is estimated to cost about USD2.2 billion, adding that funding has already been secured. Initially it was estimated that the project would cost USD 21 million. Kgang could not say when the groundbreaking and official opening will be done but sources say it could be anytime soon.

This publication understands that African Export Import Bank is willing to finance Pula Holdings for the project. A letter addressed to Pula Holdings last week Thursday from the Corridor Gas and Oil Terminal confirmed the latter’s commitment to the development of the regional LPG hub. The project will spread to countries such as Zimbabwe and Zambia. The joint venture is exploiting the shortage of LPG from South African refineries as well as the lack of terminal import infrastructure in the region. According to the project proposal it is estimated that LPG consumption in Botswana will be 36,000 Mt/annum. Senior Director at ENOC, Heshan Ali Mustafa was last week quoted as saying ENOC has done a detailed market study in Luderitz and also for Botswana and other adjacent countries.

Last modified on Wednesday, 31 July 2013 16:26

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