Minister of Economic Development and Trade, Mohamed Saeed, has announced that efforts are underway to develop the bunkering industry in the Maldives.

The State Trading Organization (STO) launched its bunkering services in September 2023, and so far, the company has generated revenue of MVR 124 million. In a post on X, Minister Saeed congratulated STO on this major accomplishment.

He further highlighted that, under the Government’s efforts to develop this important industry, discussions are ongoing with local companies offering international bunkering services.

Minister Saeed also noted that diversifying the economy is one of the key priorities in President Dr Mohamed Muizzu’s manifesto, and the success of the bunkering industry signals strong prospects for its future.

Established with an investment of USD 15–20 million, the bunkering service aims to position the Maldives as a regional maritime fuel hub. While operations began in Ihavandhippolhu, the Malé region has demonstrated the strongest performance.

Bunkering services are provided in partnership with global energy company Vitol, using two vessels with a combined capacity of 4,000 tonnes of crude oil. The vessels operate offshore and conduct fuel deliveries via ship-to-ship transfers.

The Government projects that the bunkering initiative will contribute approximately USD 400 million to the national GDP and create a new MVR 6 billion industry, aligning with the country’s broader economic diversification strategy.