Minister of Economic Development and Trade, Mohamed Saeed, has stated that the bunkering service has not been discontinued and that work is ongoing to expand this service through the development of a port in the north. Minister Saeed made these remarks during a press conference held at the President’s Office to share information about the work of the Ministry of Economic Development and Trade. Bunkering services in the Maldives were initiated last September. The government has invested between 15 and 20 million dollars to start international bunkering services in Ihavandhippolhu. STO will provide international bunkering services in the Maldives.
Sharing the latest information about the bunkering service, Minister of Economic Development and Trade Mohamed Saeed said that the bunkering service continues uninterrupted and that work is underway to develop a special port in the north to further expand this service. “An off-port area is now being developed in the north. We started this without a port to begin quickly, and work is ongoing with the company contracted to develop the port in the north,” the Minister said.
The Minister said that STO is providing this service and that the details of the revenue generated from this service would be known to the company. However, Minister Saeed said that a good revenue is being generated. Minister Saeed said that work is underway to formulate a law on international bunkering, and efforts are also being made to facilitate financial assistance through banks for those engaged in the bunkering business.
STO provides bunkering services in collaboration with Vitol, an international company. The two ships brought by STO for bunkering services can carry approximately 4,000 tons of fuel.
