Maldives’ Bunkering Business Generates Nearly MVR One Billion, Minister Saeed Says

Minister of Economic Development and Trade Mohamed Saeed said the Maldives’ bunkering business has generated nearly MVR 1 billion in revenue since operations began in September 2024.

Speaking at a press conference held at the President’s Office, Saeed said the sector had brought in more than MVR 900 million in revenue within less than two years, despite the Maldives not yet having a dedicated port for bunkering operations.

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“If you consider the income we got until 30 April 2024, we have received MVR 923.47 million in income, according to the information by STO,” Saeed said.

Saeed said nearly 85 percent of the fuel involved in the business consists of new oil and heavy fuel that had not previously been brought into the Maldives. He added that operations previously carried out by Sri Lankan vessels are now being handled by Maldivian companies.

According to the minister, the state has also received nearly MVR 60 million in tax revenue from the sector.

“This isn’t money that is being lost from the state budget. This is an addition. MVR 1 billion got added, and in addition we are getting approximately MVR 60 million in taxes. We get MVR 58.93 million in taxes,” he said.

Saeed added that the Maldives had previously been losing such revenue opportunities to foreign companies.

In April, Minister Saeed said revenue from the Maldives’ international bunkering service had reached MVR 730 million since its launch, reflecting significant growth in activity in recent months.

When the business was introduced, Minister Saeed said it was projected to generate around USD 400 million (MVR 6 billion) annually for the Maldives. He said this remains the expectation, adding that the target is still considered achievable.

According to the first quarter report for 2026 released by the State Trading Organisation, the company recorded revenue of MVR 5.49 billion, reflecting a 33 per cent increase compared with the previous quarter.

The report stated that the increase was driven by fluctuations in global fuel prices linked to geopolitical developments and a substantial rise in fuel sales volumes. Fuel quantities sold increased by 27 percent compared with the previous quarter, with bunker fuel sales alone rising by 18 million litres during the period.

STO also noted that its non-fuel segments maintained stable performance and continued to support overall revenue growth.