Economic Development Minister Mohamed Saeed has announced that the Maldives' new offshore bunkering service has already generated USD 1.5 million in revenue. 

Speaking on the panel programme "Haftha 52," Minister Saeed highlighted the resilience of this emerging industry amid challenging economic conditions. The Maldives launched its international bunkering services in the northern region on 19 September, with the State Trading Organisation (STO) leading the initiative in partnership with international bunkering company Vitol. 

The project currently involves two vessels holding around 4,000 tonnes of crude oil, with future revenue from the bunkering industry expected to bring approximately USD 400 million into the economy annually.Under the broader Maldives Economic Gateway project in Ihavandhipolhu, a new port is under construction, and work has begun on establishing an international finance centre. Additionally, Maldives Ports Limited (MPL) has opened a Maritime Services Center in the North to support the bunkering operations, offering essential services such as pilotage, docking, crew replacements, and maintenance. 

These services are projected to increase foreign exchange inflows into the Maldives, potentially making the new industry worth over MVR 6 billion in the coming years.