Gov’t Unveils Plans for Fuel Storage Facility in Ihavandhippolhu

Minister of Economic Development and Trade, Mohamed Saeed, has disclosed plans for the establishment of an international standard fuel storage facility in Ihavandhippolhu (Haa Alif Atoll).

During a ceremony yesterday, where the State Trading Organization (STO) inked an agreement with Vitol, the world’s largest private energy company, to spearhead an international bunkering project in Ihavandhippolhu, Saeed highlighted the significance of the forthcoming fuel storage facility as complementary infrastructure to bolster the bunkering initiative.

“We are also making concerted efforts to attract investors for the development of other associated ventures in this region,” remarked Saeed.

Furthermore, Saeed unveiled additional initiatives, including proposals to introduce vessel maintenance and repair services in Ihavandhippolhu, alongside plans to upgrade the nearby Hoarafushi Airport into an international aviation hub.

Saeed emphasised the potential of the bunkering project to unlock diverse economic prospects, likening it to the tourism sector in its capacity to yield substantial revenue streams.