STO temporarily takes over gas procurement from Maldive Gas
The decision follows an unresolved incident involving a payment of USD 240,000 sent by Maldive Gas to a Dubai-based company.
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The board of directors of State Trading Organisation (STO) has decided to temporarily take over all gas purchases from its subsidiary, Maldive Gas.
STO media officer Yousuf Shah confirmed the decision, stating that it is a temporary measure and that STO will directly handle the procurement of the remaining gas shipments for the time being.
The decision follows the loss of a payment of USD 240,000 (approximately MVR 3.7 million) sent by Maldive Gas to a Dubai-based company in October last year. The funds were intended for the purchase of gas but were reported lost. Maldive Gas has stated that legal action has been initiated to recover the amount.
Managing Director of Maldives Gas, Abdullh Mohamed, has denied claims that changes have been made to STOC’s gas purchasing procedures as a result of the incident.
Maldive Gas operates under the ownership of STO and supplies liquefied petroleum gas (LPG) in the Maldives.
