Bunkering services generate MVR 282 million in revenue
Speaking at a press conference at the President’s Office, Saeed said the figure includes MVR 24 million in tax revenue.
Bunkering services have generated MVR 282 million in revenue to date, Economic Development Minister Mohamed Saeed said on Thursday.
Speaking at a press conference at the President’s Office, Saeed said the figure includes MVR 24 million in tax revenue. He noted that the bunkering service was launched on 10 September last year and is operated through offshore fuel supply by the State Trading Organisation (STO).
Saeed said bunkering is a significant sector and reiterated his earlier statement that even servicing a small share of vessels passing the northern and southern maritime routes of the Maldives could generate substantial annual revenue.
“Seventy-six per cent of the fuel products supplied through bunkering are low-sulphur fuel that was not previously available in the country,” Saeed said, adding that the government intends to continue expanding the service.
STO Managing Director Shimad Ibrahim said at the company’s 2024 annual general meeting in May that bunkering operations have recorded stronger performance in the Malé area compared to Ihavandhippolhu.
“We began operations in Ihavandhippolhu, where activity remains limited. However, operations in the Malé area are progressing well,” he said.
Shimad said further improvements are required to align the service with standards in other countries offering bunkering facilities. He added that discussions are ongoing with relevant stakeholders to enhance operations.
He also said STO has provided bunkering services to one of the world’s largest shipping lines, noting that the company has secured the confidence of international operators.
