Minister of Finance and Planning Moosa Zameer has announced that work is underway to develop an additional gas storage facility in the Greater Malé area.

Speaking at a press conference at the President’s Office, Minister Zameer said the planned facility will have a capacity of 1,500 tonnes, significantly boosting the country’s existing storage capabilities.

He noted that the Maldives is not currently facing any major gas shortages, as suppliers that serve Sri Lanka and Bangladesh also supply the Maldives, helping to ensure consistent availability. Gas is transported to the region on large vessels before being transferred to smaller carriers for distribution, with these operations taking place within Maldivian waters.

At present, the State Trading Organization (STO) maintains storage capacity of up to 1,000 tonnes, while Villa Group also holds additional capacity. Minister Zameer said efforts are ongoing to enhance coordination between STO and Villa to strengthen national reserves.

He identified expanding storage capacity as a key priority for the Government, noting that the new facility will significantly improve the country’s ability to maintain reserves. Once completed, it is expected to enable the Maldives to store up to two months’ worth of gas supply at any given time.

The project is currently at the procurement stage, with STO indicating that construction is targeted for completion by the end of the year.

The Finance Minister also highlighted the logistical challenges associated with transporting gas compared to fuel.

In parallel, the Government is working to establish oil reserves in three regions across the country. President Dr Mohamed Muizzu has previously stated that the initiative will be implemented in phases, with each phase expected to be completed within one and a half to two years.