Minister of Economic Development and Trade Mohamed Saeed has revealed that the State Trading Organization (STO) has generated MVR 192 million in revenue from the offshore bunkering services introduced by the Government.

The minister made the remarks while responding to a question by MP Ameen Faisal during Tuesday’s Parliament sitting. He said that while STO would have the most up-to-date figures, the company has so far earned MVR 192,149,939 from the service, which was launched in September 2024.

Minister Saeed also noted that STO has paid MVR 17,360,589 in taxes to the Government from the revenue earned through the bunkering operation.

He highlighted that 83 per cent of the revenue was generated from the sale of low-sulphur fuel, which had not previously been imported or used for bunkering in the Maldives. Under the revised Foreign Investment Act, bunkering services are reserved exclusively for domestic companies.

The minister added that the Government is studying the regulatory frameworks and pricing systems used by neighbouring countries to further strengthen and streamline the Maldives’ bunkering operations.

The offshore bunkering service, operated by STO in partnership with global energy company Vitol, is part of the Government’s efforts to boost economic activity and diversify national revenue sources. The service currently operates using two vessels with a combined capacity of 4,000 tonnes of crude oil, supplying ships through ship-to-ship transfers.