Transport Minister Mohamed Ameen has said the government is working to boost the state's revenue from maritime operations within the Maldives' economic zone, particularly Ship-to-Ship (STS) transfers and oil and gas-related activities.
Speaking to state media outlet PSM News, Minister Ameen noted that the country currently gains very little from these operations due to regulatory changes made in recent years, which favour private handling parties over the state.
These are Ship-to-Ship transfer oil and gas operations conducted within the country's economic zone. However, due to changes made to regulations in recent times, the state doesn't receive much benefit. It's structured in a way that benefits private handling parties, he explained.
In response, the Ministry of Transport has initiated consultations with stakeholders, including the Coast Guard, Maldives Ports Limited (MPL), and private entities to explore how the state can secure a fairer share of revenue. These discussions aim to revise protocols and ensure the Maldives benefits more substantially from such maritime activities.
The Minister emphasized the administration's commitment to reforming the current framework to better serve national economic interests.