The government’s strategic move into offshore bunkering has yielded strong results, generating USD 47.4 million in revenue since its launch, Minister of Economic Development and Trade Mohamed Saeed has announced.
Speaking at a press conference held at the President’s Office, Minister Saeed said monthly revenue continues to rise steadily, with the majority of earnings derived from the sale of newly imported low-sulphur fuel oil, which complies with strict international environmental standards.
Bunkering services, introduced in September 2024 as a key economic initiative, are being operated by the State Trading Organization (STO) in partnership with Vitol, a global leader in energy and commodities trading.
“The government is earning significant revenue from the bunkering service,” he said, highlighting its role in wider efforts to revitalise the national economy.
The initiative aligns with the government’s earlier projection that the sector could contribute up to USD 400 million annually to the country’s GDP.
With demand for the service continuing to grow since its introduction, the government has confirmed plans to further expand operations and enhance revenue generation from the sector.