Bunkering Service Generates MVR 192 Million in First Year, Says Economic Minister
Photo: Ministry of Economic Development and Trade
The bunkering service launched by the Maldivian government in September 2024 has generated MVR 192.15 million (USD 12.46 million) in revenue to date, according to Economic Minister Mohamed Saeed.
The service, operated jointly by the State Trading Organization (STO) and Maldives Ports Limited (MPL) in partnership with Swiss-based Vitol, began operations on 19 September 2024. Saeed provided the figures while responding to questions from South Galolhu MP Meekail Ahmed Naseem during Tuesday’s Parliament sitting.
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He stated that the total revenue includes MVR 17.36 million in tax income, with 83 percent of the earnings generated from the supply of low-sulphur fuel.
The minister had previously said the government’s long-term objective was to expand the service into a large-scale operation capable of generating USD 400 million in annual revenue. However, after one year of operation, the total earnings have reached USD 12.46 million.
In earlier remarks made in April, Saeed explained that the administration decided to begin offshore bunkering services without waiting for new port facilities, emphasising the importance of avoiding project delays. He acknowledged that developing the necessary infrastructure to international standards would be a significant undertaking, but noted that efforts are already underway to enhance the facilities.
Saeed added that the government would explore opportunities for foreign investment if domestic financing proves insufficient to support the expansion of the bunkering operations.
