The State Trading Organization (STO) has signed an agreement with Qatar's Urbacon Trading and Contracting to establish a bunkering facility in Ihavandhippolhu.
Under the planned port city development project for Ihvandhippolhu, STO signed an agreement with Urbacon on Thursday to conduct feasibility studies for developing a bunkering facility and national oil reserves. Urbacon is one of the largest trading companies in the Middle East.
Positioned along the primary shipping routes of the Indian Ocean, Ihavandhippolhu, a naturally distinct atoll, witnesses the passage of over 300 large vessels daily.
STO said the project is aimed at launching bunkering services in the region and benefiting the entire country as a whole. This will bring significant improvements to the maritime industry and related businesses in the Maldives, including shipping agency, crew change, ship handling, ship repair, and spare parts provision businesses, STO said.
The company further said foreign technical consultancy had been sought to formulate the administrative framework for the launch of bunkering services. The measures to be taken to protect the sensitive environment of the Maldives have also been studied, and the necessary equipment has been procured on the advice of the MNDF, they added,
Former President Abdullah Yameen's administration also attempted to implement a major project in Ihavandhippolhu. The multi-billion dollar project planned to provide modern services such as bunkering, tourism facility, and duty-free zone. However, the project's practical work could not be implemented during Yameen's tenure.
