Minister of Economic Development and Trade Mohamed Saeed has stated that Government has initiated consultations with key stakeholders to draft a law regulating international bunkering services.

Speaking at a press conference at the President’s Office,  Minister Saeed said the move follows the Government’s efforts to establish the Maldives as a key player in the global bunkering industry, with operations already underway in Ihavandhippolhu since September 2024. The service is currently being managed by State Trading Organization (STO) without disruption.

Minister Saeed revealed that financing is being pursued to develop port infrastructure in the region to further strengthen the service, alongside a range of related initiatives.

“Discussions are ongoing with Maldivian companies involved in bunkering to create a legal framework. The Government has also decided to begin developing the port in Haa Alifu Hoarafushi this year, and preliminary work on the project has already begun,” he said.

Highlighting the economic potential of the global bunkering market, Minister Saeed noted that securing even one percent of the market could generate USD400 million annually for the Maldives. He stressed the importance of strengthening bunkering services to tap into this opportunity.

The bunkering expansion is part of the Maldives Economic Gateway Project - the largest government-led development initiative in the country’s north. As part of the project, a USD100 million framework agreement was signed on November 9, 2024 with Singapore’s Capital Asia Invest Fund to develop the port in Ihavandhippolhu and establish associated services. The deal was made through the Maldives Industrial Free Zone Company, a consortium formed by five major state-owned enterprises.