The government has announced that bunkering services will commence in the north within the next month.
An agreement was signed between State Trading Organization (STO) and Vitol Group, world’s largest energy company, on March 13 this year to initiate an international bunkering project in Ihavandhippolhu under the Maldives Economic Gateway Project.
Speaking at a rally at the PNC headquarters on Sunday night, Economic Minister Mohamed Saeed said the final preparations are underway to launch the service. STO has already acquired two large tankers for the purpose and is working with the Maldives National Defense Force (MNDF) to update the relevant maritime charts, he said. Additionally, Maldives Customs Service and Immigration are also preparing for the launch, and preparations are also being made to address any environmental issues that may arise due to the service in accordance with international standards, he said. Candidates have already applied for 40 jobs that were announced to support the new service, he added.
“I obtained the information to come to this stage, and hopefully within a month from today, the government will officially launch bunkering services in the north,” he said.
The minister said the Maldives’ GDP was $6.5 billion in July this year but the bunkering service would add another $400 million to the GDP by July next year.
"This is how the economies are diversified. When you round off a whole new 400 million or six billion approximately, MVR 6 billion will start circulating within the GDP of the country as a whole new industry," he said.
The minister said the bunkering service will initially be launched offshore. Efforts are also underway to establish a permanent international fuel storage terminal within the Maldives Economy Gateway.
Economic Minister Mohamed Saeed
