Bunkering continues, generates good revenue: Saeed

Offshore bunkering operations initiated in the northern region of the Maldives have not been discontinued and are generating revenue, Economic Minister Mohamed Saeed said at a press conference held at the President’s Office Monday.

The service, launched on 10 September last year, is being provided by State Trading Organisation (STO), with Maldives Ports Limited (MPL) supporting pilotage and other maritime services.

Saeed stated that no government official had claimed the service had been halted. He said the revenue generated from the operation is recorded in STO’s financial books, which are publicly accessible due to its status as a state-owned enterprise.

"Revenue from bunkering is being documented under STO’s accounts," he said, noting that the service continues to function and generate income.

The minister also said that, alongside the bunkering operations, port development is progressing in the northern region. A company that has shown interest in the project is working with the government to initiate physical development, he said.

"The Economic Ministry is overseeing this effort," Saeed added.

He further highlighted the potential scale of the international bunkering industry, estimating that if the Maldives could service even one percent of the vessels that pass through the northern and southern coasts of the Maldives, the potential revenue could be approximately USD 400 million.

Saeed outlined several initiatives currently underway:

On 13 March 2024, STO signed a memorandum of understanding with Vitol, a global private energy firm, to implement an international bunkering project in Ihavandhippolhu, located in the northern Maldives.