The State Trading Organization (STO) has signed an agreement with Vitol Group in preparation for the launch of international bunkering services in Ihavandhippolhu under the Maldives Economic Gateway project.
The signing ceremony was graced by Economic Minister Mohamed Saeed. The agreement was signed on behalf of STO by the company's Managing Director, Shimad Ibrahim, and Director Jay signed on behalf of Vitol company.
This agreement is a term sheet that outlines the prerequisites for launching international banking services at the Maldives Economic Gateway. The pre-requisites will be completed by both parties within a mutually agreeable timeframe, before the signing of the main agreement.
STO and Vitol share a longstanding business partnership. Vitol is the world's largest energy company. Vitol has offices in 40 countries and sells 12 million tonnes of oil annually as bunker fuel. Vitol is also the largest physical bunker supplier in the Middle East and one of Singapore's largest bio marine fuel suppliers. Vitol's main responsibility under the agreement is to supply fuel to a fuel barge stationed in Ihanvandhoo and promote the Maldives as an international bunkering hub within Vitol's extensive network. The fuel supplied will include heavy fuel oil and marine gas oil for ships. If there is demand for LNG and biofuel in the near future, these will also be made available.
Under the agreement, STO will be the physical bunker supplier under the Maldives Economic Gateway.
