Minister of Economic Development and Trade, Mohamed Saeed has stated in the parliament that the government plans to review the agreement signed by the previous government to develop a International Bunkering Facility in Ihavandhippolhu, under the Port City Development Project planned at Ihavandhippolhu, even though project is not shelved.
The project was awarded by State Trading Organization (STO) awarded the project to Qatar-based UrbaCon Trading and Contracting, one of the largest trading companies in the Middle East.
Responding to a question raised by Hoarafushi parliament member Ahmed Saleem during the parliament session, Saeed stated that the project has not been stopped. Also he pointed out that the agreement was not signed by the Ministry, it was signed with STO.
Moreover, Minister Saeed stated that as per the information he received from the STO, the MoU is still active, however, they are reviewing the MoU to see how the project will go ahead. The MoU was between two companies. So, I believe the company will take a call on it, Minister Saeed added.
One of the key components of the Port City planned to be developed at Ihavandhippolhu is the construction of a national strategic reserve for oil and the launch of international bunkering services. In this regard, the MoU was signed to carry out the project in collaboration with STO and UrbaCon to conduct feasibility studies for the development of bunkering and national oil reserves.
Moreover, more than 300 vessels travel near the north of the Maldives every day. However, there are not is not much that can be done to service the vessels in the area. Therefore, company’s intention is to go to international bunkering with strategic storage.
In addition, the storage would be built as a floating storage. And the project will bring a major change to the Maldivian economy.
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Ibrahim Yaafiu
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