The National Petroleum Corporation of Namibia (NAMCOR) Managing Director, Maureen Hinda-Mbuende, said the bailout by the government this year resulted in more than N$300 million in savings.

This is after NAMCOR had been trading on negative margins, due to penalties and governance lapses.

Hinda-Mbuende said the interim has thus avoided long-term arrangements, with procurement now being in three-month intervals.

This, she said, has enabled the company to trade on a profitable margin.

Hinda-Mbuende is confident that the company will exceed its targets by the end of this financial year.