Minister hopes to launch bunkering service in a month
He said the project will also revive small businesses and create many job opportunities
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By
Ahmed Mizyal
Bunkering services in the northernmost atoll of Maldives will be officially launched within the next month, Economic Minister Mohammed Saeed said.
STO signed an MoU with Vitol on March 13, 2024 to implement an international bunkering project in the atoll. Vitol is the largest independent energy trader in the world.
The latest details of the project were shared by Minister Saeed at a meeting held at the PNC headquarters on Sunday.
Saeed said STO has purchased two tankers for bunkering services within the last six months. He explained:
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The company has started upgrading the chart in collaboration with the MNDF
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Immigration and Customs are also working together
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Additional equipment and environmental safety measures have also been considered
“In just six months, STO announced for the jobs of 40 people, about three weeks ago to hire for bunkering services,” Saeed said.
"And from today [according to latest information], the government will officially launch the bunkering service in the north within a month's time”.
Saeed also shared some of the changes that will come to the economy with the bunkering project.
“By starting bunkering services by the end of this July, by July next year, Maldives' GDP will increase by USD 400 million (MVR 6 billion),” Saeed said.
He said the project will also revive small businesses and create many job opportunities. This is how the economy is diversified, Saeed said.
"I am only talking about bunkering. And we have started offshore. The President has announced that a permanent international oil storage terminal will be established within the Maldives Economic Gateway," Saeed said.
