Maldives plans oil reserves in 3 regions
The President added that each phase is expected to require an investment of approximately $150 million to cover infrastructure and related costs.
Top Stories
President Dr Mohamed Muizzu has announced that the government plans to establish oil reserves in three regions of the Maldives.
The announcement was made on Monday during a press conference held at the President’s Office. The President said the initiative forms part of a long-term plan, with research and feasibility studies currently underway.
According to the President, the project will be implemented in three phases. Each phase is expected to take between eighteen months and two years to complete.
“Since fuel remains our primary dependency, establishing an oil reserve is a priority for us. It functions similarly to the Sovereign Development Fund, but in the form of a physical reserve,” he said.
The President stated that further details will be shared following the completion of ongoing studies.
He said the government aims to complete one phase every eighteen months, with the objective of establishing reserves in three regions within four and a half to five years.
The President added that each phase is expected to require an investment of approximately $150 million to cover infrastructure and related costs.
He said the investments will be assessed based on returns, risks, and sustainability.
The President also noted that global oil prices continue to fluctuate and said the government is monitoring these changes.
“The government is working to manage these fluctuations in a manner that minimises the impact on the public,” he said.
