Minister of Economic Development and Trade Mohamed Saeed has revealed that the Maldives earned MVR 192 million in revenue from bunkering services within a year of its launch.

Speaking in Parliament, Minister Saeed shared statistics showing that the service, operated by the State Trading Organization (STO), has generated MVR 192.1 million in total revenue since it began in September last year, alongside MVR 17.3 million in taxes. He noted that the majority of this income, 83 per cent, came from the newly imported low-sulfur oil used in the operation.

The offshore bunkering service was introduced as part of Government efforts to boost economic activity and diversify revenue streams. Operated through STO in partnership with global energy firm Vitol, the service uses two vessels with a combined capacity of 4,000 tonnes of crude oil to supply ships through ship-to-ship transfers.

The minister highlighted that the service has seen steady monthly growth since its inception, with revenue rising consistently throughout this year. The Government anticipates that the bunkering initiative could contribute around USD 400 million to the national GDP and expand into a MVR 6 billion industry.