Bunkering services have generated MVR 282 million in revenue to date, as part of efforts to diversify the Maldivian economy through offshore fuel supply operations, Minister of Economic Development and Trade Mohamed Saeed had said. 

Speaking at a press conference on Thursday, Minister Saeed said the bunkering initiative, launched in September last year and operated by the State Trading Organisation (STO), has continued to expand as demand for offshore fuelling increases. He noted that a significant portion of revenue was attributed to new vessels entering Maldivian waters specifically for bunkering services, reflecting positive market response since operations commenced.

According to figures disclosed at the briefing, MVR 192 million had been earned as of 28 October, with MVR 17 million collected in taxes. With recent transactions added, the total revenue has now reached MVR 282,105,591, including MVR 24 million in tax receipts. The Minister said this represents an increase of approximately MVR 90 million in overall earnings, and MVR 8 million in tax collection, compared to earlier figures.

Minister Saeed highlighted that 76 per cent of vessels serviced through the bunkering operation are new to the Maldives, describing it as a key indication of growth potential within the maritime sector. He added that the project, launched under the current Administration, aims to establish the Maldives as a competitive refuelling point in the region while strengthening foreign currency earnings for the State.

The Government has positioned the bunkering service as a strategy to expand economic activity beyond traditional sectors, with officials expressing confidence that continued investment and operational scaling will further increase national revenue in the months ahead.