Gov’t Aims to Boost State Revenue from Maritime Activities within EEZ

The Minister of Transport and Civil Aviation, Mohamed Ameen, has underscored the need to ensure that the state derives greater benefit from maritime activities carried out within the Maldives’ Exclusive Economic Zone (EEZ). 

His remarks, made in an interview with state broadcaster PSM News, come as part of broader efforts to expand and develop the country’s maritime sector.

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According to the Minister, the government is actively working to enhance services provided under the maritime sector, which falls under the purview of the Ministry of Transport and Civil Aviation. He highlighted that certain maritime operations currently taking place within the EEZ have not translated into meaningful revenue for the state, primarily due to regulatory changes implemented over the years.

One such activity is the Ship-to-Ship (STS) transfer of oil and gas, which is conducted within the Maldivian EEZ. However, Minister Ameen noted that profits from these operations are currently being directed to private entities, rather than contributing to the state’s income.

Emphasising the importance of ensuring national benefit from such activities, the Minister said that the Ministry is coordinating with relevant agencies to identify areas for improvement. This includes collaboration with the Coast Guard, Maldives Ports Limited (MPL), and private sector stakeholders with technical expertise, with the aim of assessing how the STS segment can better serve the country’s economic interests.

In addition to existing STS services, the government has introduced new bunkering services to supply fuel to cargo ships. This service, which sources low-sulphur oil through the State Trading Organisation (STO), has so far generated revenue amounting to USD 8.04 million.

The Ministry is seeking to accelerate efforts in this area to ensure that the maritime sector contributes more significantly to national revenue, in line with the government’s broader economic goals.