National Oil Reserves Could Serve as Stock for International Firms Amid Global Instability, says Zameer

Minister of Finance and Public Enterprises, Moosa Zameer, has said the Maldives’ planned national oil reserves could also be used to store fuel for international companies, linking the initiative to ongoing global instability and sustained high oil prices.

Speaking at a Special Cabinet Committee on Middle East tensions, Zameer, said the government aims to develop storage capacity for up to a year’s fuel supply, allowing the Maldives to secure a six-month reserve for domestic use while leasing remaining capacity to external stakeholders.

Zameer, who also chairs the committee, said the need for such reserves has become more urgent due to continued global economic disruptions linked to ongoing conflicts, noting that while active fighting may have eased in some regions, “economic attacks” persist, keeping oil prices elevated.

Zameer added that demand for oil storage in the Indian Ocean remains high, and partnerships with international companies could help ensure the Maldives maintains a steady supply for four to six months.

Work on the project is currently underway, with sites near Malé identified for the first phase. Authorities are assessing weather conditions and geography to determine suitable locations for docking large vessels, while design, financing and feasibility studies are ongoing.

The project will be implemented in three phases, with the State Trading Organisation (STO) facilitating efforts in coordination with the Ministry of Finance.

Zameer also noted that private entities have begun importing oil, as global price pressures continue.