FENAKA Corporation has signed an agreement with the State Trade Organization (STO) which will see STO become the sole supplier of feul to FENAKA.
STO have also agreed to design a system to regulate and maintain the fuel in FENAKA's storage.
Signing the agreement on behalf of STO was Managing Director of the company, Ahmed Shaheer, while the Managing Director of FENAKA Ahmed Shareef signed for the utility company.
As per the agreement, STO will be responsible for providing fuel for power stations in the 148 islands across the nation where FENAKA provides electricity.
STO said that the 50,000 liter tanks in power stations across the Maldives would be calibrated and insured before the end of June, and that the remaining tanks would be calibrated as early as this September.
Shaheer stated at the signing event that facilities would be improved to allow for enough fuel to be stored in power stations for one month. He further stated that the link had always been good between STO and FENAKA and noted that the joint efforts of both companies would allow for a steady supply of electricity across the nation.
Shareef said STO agreeing to supply 100% of all the fuel required by the company would make management easier, and stated that the development of the system to calculate the total amount of fuel reserves would end the issue of illegitimate use.
STO is the sole provider of fuel in the Maldives according to the ISO requirements of the Maldives. STO already contributes 50% of the fuel required by FENAKA.
