Bunkering services have generated $1.5 million in revenue so far, Economic Minister Mohamed Saeed has revealed.
International banking services were launched in the Maldives in September as an off-shore facility, utilizing two vessels– MR Marine Angel and MT Marine Bella, with capacities of 3,258 and 3,929 tonnes. The launch of bunkering services in Ihavandhippolhu is a significant part of President Dr. Mohamed Muizzu’s vision of ending the country’s dependence on the tourism industry and diversifying the economy. The government estimates that the service would inject $400 million into the Maldivian economy.
In a panel discussion titled “Week 52”, Minister Saeed said the State Trading Organization (STO) has generated $1.5 million in revenue so far through its bunkering service collaboration with Vitol Group, one of the world’s leading energy companies. Vitol, which operates in 40 countries, specializes in providing bunkering fuel, selling over 12 million tonnes annually.
The project is part of the larger Maldives Economic Gateway Project, established to boost economic growth through offshore services. The agreement between STO and Vitol was signed on March 13.
