State Trading Organization (STO) has affirmed that the international bunkering services launched in Maldives are generating reasonable revenue, despite being a newly introduced offshore operation.
The bunkering services began on September 19th last year in Ihavandhippolhu, a key economic initiative under President Dr. Mohamed Muizzu’s administration aimed at diversifying the Maldivian economy beyond tourism. To support the initiative, STO brought two vessels dedicated to the bunkering service.
Speaking at a press conference at the President’s Office yesterday, Economic Minister Mohamed Saeed emphasized the ongoing nature of the project and clarified misconceptions about potential GDP contributions. He reiterated that while bunkering could potentially contribute up to $400 million to the national GDP, this figure is a long-term target, not an immediate outcome.
“Even one percent of the global bunkering trade passing through the straits near Maldives could reach $400 million. That’s the benchmark we’re aiming for. I’ve never said this amount would be realized instantly,” the Minister said, responding to misinterpretations of his earlier comments.
In response to inquiries by Dhiyares, STO stated that they continue to receive reasonable revenue from the service and are working closely with the Economic Ministry and other stakeholders to scale operations and overcome existing logistical challenges. The company is also pursuing approvals from major international shipping lines to further strengthen the Maldives' position in the global bunkering market.
Minister Saeed also highlighted the government’s determination to avoid delays in economic projects, citing the lack of a physical port in the north as no excuse to delay bunkering services. “From day one, this administration has made it a priority to launch projects that have remained idle for years,” he said.