Namibia does not own a single oil refinery. Not one. Every litre of fuel the country burns is imported, and almost all of it lands at one place, Walvis Bay. The private majors (Engen, Total, Shell, BP, Caltex) refine in South Africa and ship it in. They have done it for decades. So for over 30 years the state kept trying to sit at that table through NAMCOR. Every single time, the same wall stopped it. Not politics. Money. 2008: NAMCOR gets a mandate to import half the country's fuel with global trader Glencore. Nine months in, roughly N$195 million gone, technical bankruptcy (PwC, 2009). 2024: NAMCOR owes Gunvor N$1.1 billion, pays back N$550 million on a sovereign guarantee. 2026: Vitol wins the N$7.2 billion supply deal, NAMCOR bypassed. The reason? Vitol needed no state guarantee. NAMCOR did. That is the whole story in one line. The traders can finance the fuel, the state cannot, not without putting you, the taxpayer, on the hook. Balance sheet beats licence, every time. So the...