Minister of Economic Development and Trade Mohamed Saeed has disclosed ongoing preparations to launch bunkering facilities in the Maldives, slated for commencement in June. The announcement came during an interview with Turkish public broadcaster TRT News.
In a significant development, the State Trading Organisation (STO) and multinational energy and commodity trading company Vitol signed a term sheet on March 13 for an international bunkering project in Ihavandhippolhu, Haa Alif Atoll. This project, in collaboration with Vitol Bunkers, recognizes the Maldives as a key global bunkering destination, positioning the country prominently on the world bunkers map.
Minister Saeed provided insight into the project's progress, outlining the two-phase approach to bunkering services. The first phase, involving port bunkering services, capitalizes on the Maldives' oceanic setting and requires minimal infrastructure. The second phase entails establishing a port to expand service offerings, ensuring a diverse range of services for clients.
Highlighting the strategic advantage of the Maldives' location alongside major shipping channels, Minister Saeed expressed confidence in the country's potential to emerge as a leading bunkering destination. He affirmed the government's commitment to realizing this vision, aiming to establish the Maldives as a premier hub for bunkering services.