As part of the efforts to diversify the Maldivian economy, the offshore bunkering services launched in September 2024 through a partnership between State Trading Organization (STO) and the international energy company Vitol has generated $80 million in revenue to date. Minister of Economic Development and Trade, Mohamed Saeed, noted that this revenue, primarily derived from the sale of low-sulfur fuel oil, continues to show a month-on-month increase. He further emphasized that while the service commenced in the north without a physical port, the government is actively working to expand these operations to secure even greater economic returns.
