Bunkering service generates MVR 730 million by March end

Minister of Economic Development and Trade Mohamed Saeed has stated that the international bunkering service has generated MVR 730 million as of the end of March.

He made the statement on Wednesday at a press conference held at the President’s Office, in response to criticism regarding the initiative.

The bunkering service was launched on 10 September 2024. At the time, the minister said the sector had the potential to generate significant revenue, noting that servicing a small share of vessels passing through maritime routes near the Maldives could produce annual income of about USD 400 million (MVR 6.1 billion).

Providing an update, Saeed said, “From the commencement of international bunkering operations until March 31, 2026, the information indicates a total revenue of MVR 730 million has been realised.” He did not provide a detailed breakdown of the figures.

Earlier, the minister stated that the service generated MVR 112 million within its first year. In a briefing on 25 December, he revised the figure to MVR 282 million.

Based on the latest update, the service generated an additional MVR 448 million in the three months following that announcement.

The total revenue recorded so far remains below earlier projections outlined for the sector.