Vitol Bunkers, the world's leading bunkering service provider, has included the Maldives on its global bunkering service map.
Last month, an agreement was signed between the Maldives' State Trading Organization (STO) and Vitol to launch an international bunkering project in Ihavandhippolhu under the Maldives Economic Gateway Project.
This agreement is a term sheet that outlines the prerequisites for launching international banking services under 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.
Vitol's main responsibility under the agreement is to supply fuel to the barge in Ihanvadu and promote Dhvehi Raajje as an international bunkering hub within Vitol's extensive network.
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.
