Maldives Industrial Fisheries Company (MIFCO) has signed an agreement with Fuel Supplies Maldives Private Limited (FSM) to provide fuel sale services to fishermen from its sites.
Chief Executive Officer (CEO) of MIFCO Ismail Fauzy signed the agreement with FSM. MIFCO said that FSM will begin fuel sales at Kooddoo Fisheries Complex and Addu Fisheries Complex while Felivaru Fisheries Complex is scheduled to begin the service on February 3, 2023.
MIFCO said the purpose of the change is to ensure that fishermen will always get fuel from its sites without any difficulties. To address the difficulties encountered by MIFCO vessels in selling fuel to the fishermen due to lack of storage, FSM is now making efforts to arrange another easy way to get oil instead of selling it through ships. Efforts are underway to make arrangements before the end of the first quarter of the year.
With the agreement, all fishing vessels will enter into a credit agreement with FSM and fuel will be provided on credit to the fishing vessels under the prescribed rules. Instead of deducting fuel from the fish purchasing bill, fuel payments will be directly paid to FSM during the credit period. Therefore, fishermen will be able to get fuel at a special price as before.
FSM also started selling fuel to fishermen from the Hulhumale' Fishermen Jetty last November at the same rate as MIFCO sells fuel to fishermen. FSM announced that the special rate would be issued only to registered fishing vessels.