Economic Minister Mohamed Saeed, on Wednesday night, said Maldives generated USD 7 billion from bunkering service by supplying very low sulfur fuel oil (VLSFO).
The current administration launched bunkering service in the Maldives on September 19, 2024. The service is run by State Trading Organization (STO) in partnership with Swiss-based Vitol.
President Dr. Mohamed Muizzu revealed that USD 7.4 million had been generated through bunkering while speaking at a record 14-hour press conference on May 3rd.
Speaking during a ruling PNC event on Wednesday night, Minister Saeed underscored that the MVR 7 million generated from bunkering in just a few months is not a minor figure, adding it amounts to over MVR 114 million.
According to the Minister, the majority of the revenue generated from bunkering accounts for revenue earned by supplying VLSFO, a newly introduced product in the Maldives. 95 percent of the total bunkering revenue was generated through VLSFO supply.
The Minister said there is an increase in demand for VLSFO among vessels seeking bunkering services from Maldives. As such, he said it is the President’s vision to cater to the demand by introducing the necessary legislation and implementing appropriate arrangements within the government.
Minister Saeed had failed to provide a direct answer when questioned regarding the income generated through bunkering service during a press conference held by the President’s Office on April 21st. The Minister, citing that the service has been profitable, said the exact figures would be disclosed by STO.
Prior to this, the Minister has unveiled plans to gradually expand the bunkering services, with the goal of increasing revenue to MVR 400 million.
 
In this trajectory, the Minister noted that efforts were underway to reclaim the area allocated for bunkering in Ihavandhippolhu to develop a harbor that includes facilities to store fuel.