Maldives to expand gas storage capacity in Malé region this year
The State Trading Organisation (STO) currently operates a storage facility with a capacity of 1,000 tonnes.
Minister of Finance and Planning Moosa Zameer has announced plans to develop an additional 1,500-metric-tonne gas storage facility in the Greater Malé Region by the end of this year.
Zameer made the statement on Wednesday during a press conference held at the President’s Office.
He said that gas supply for the Maldives, Bangladesh and Maldives is sourced from the same supplier, adding that current shortages remain limited due to ship-to-ship transfers within the region.
The minister noted that storage capacity in the Maldives remains limited. The State Trading Organisation (STO) currently operates a storage facility with a capacity of 1,000 tonnes. Villa Gas also operates a storage facility, and both companies coordinate supply during periods of increased demand or logistical constraints.
“STO has informed me that the project to develop an additional 1,500-tonne storage facility in the Malé area is currently in the procurement phase. STO expects this project to be completed by the end of this year,” Zameer said.
He added that once completed, the facility will allow for the maintenance of gas stocks sufficient for approximately two and a half months for the Malé region.
Zameer said that handling gas shipments presents operational challenges compared to oil, and stated that increasing storage capacity is necessary to maintain supply.
Separately, President Dr Mohamed Muizzu has announced plans to establish oil reserves in three regions of the Maldives. The project is estimated to cost USD 150 million and will be implemented in phases, with each phase expected to take between 18 months and two years.
