Minister of Economic Development and Trade Mohamed Saeed has announced that the Ihavandhippolhu Bunkering Facility services will commence this July, creating at least 40 job opportunities. He made these remarks at a ceremony in Thuraakunu.
During the event, Minister Saeed disclosed that most of the preparatory work for the Ihavandhippolhu Bunkering Facility has been completed, with 90% of the technical work fully underway. He assured attendees that the bunkering services will be operational by July.
Moreover, Minister Saeed emphasized that the establishment of the Ihavandhippolhu Bunkering Facility will generate numerous job opportunities in entities such as Maldives Ports Limited (MPL), Maldives National Defence Force (MNDF), and Maldives Customs Service. With the agreement signed with Vitol, a global energy trading company, the Maldives is set to become a prominent bunkering service provider, as evidenced by its inclusion in Vitol Bunkers' map.
The Minister had previously outlined a two-phase approach to bunkering services, with the first phase focusing on off-port bunkering services that capitalize on the Maldives' oceanic setting with minimal infrastructure. The second phase involves establishing a port to expand service offerings.
Minister Saeed highlighted the strategic advantage of the Maldives' location along major shipping channels, expressing confidence in the country's potential to emerge as a leading bunkering destination despite competition from hubs like Singapore and Sri Lanka. He reiterated the government's commitment to achieving significant market share in the bunkering services sector.
In addition to the Ihavandhippolhu project, the government is also working on establishing bunkering facilities and a commercial harbor, including commercial ports and logistics, in Gaadhoo, Laamu Atoll. An agreement has been signed with a Chinese firm for the Laamu Integrated Maritime Hub project, aligning with the government's broader objectives for maritime development.