State Trading Organisation (STO) has renewed its agreement with the Maldives Airports Company Limited (MACL) to supply fuel.
The agreement for the supply of Aviation Jet A-1 Fuel and Marine Gas Oil to Velana International Airport (VIA) was signed by Managing Director of STO Abdulla Saeed and Managing Director of MACL Mahjoob Shujau. STO will supply 1.5 million barrels of jet fuel and 88,000 barrels of diesel to MACL within a year, as per the agreement.
At the ceremony, Managing Director Saeed said the agreement was renewed to increase the rates in accordance with the rise in global fuel prices following the Russia-Ukraine conflict. He assured that STO will supply enough fuel to maintain the storage capacity of MACL.
Also at the ceremony, Managing Director Shujau said that STO has been supplying fuel since 2018 and expressed confidence that the company will continue to supply fuel at a reasonable price despite the change in rates.