State Trading Organization (STO) has generated MVR 514 million in revenue from bunkering services since the launch of the initiative to diversify the Maldivian economy and expand income streams.

The bunkering service, introduced in September 2024, is operated offshore using a dedicated vessel, with the number of operations increasing steadily since its launch, contributing to rising revenue levels.

Speaking at a press conference held at the President’s Office, Minister of Economic Development and Trade Mohamed Saeed said the service has produced strong financial returns, noting that 55,000 tonnes of fuel had been supplied during 2024.

He added that further expansion of the service would depend on the development of storage infrastructure, including land reclamation and tank installation, describing the project as a Government priority aimed at increasing revenue and strengthening economic diversification.

STO also reported that MVR 47 million has been paid in taxes from the service, while revenue has continued to grow on a monthly basis, with a significant share generated from the sale of low-sulfur fuel to vessels operating in the region.

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.