The State Trading Organization (STO) has earned over MVR 192 million in revenue from offshore bunkering services launched in September 2024, according to Economic Minister Mohamed Saeed.
Responding to a parliamentary inquiry by MP Ameen Faisal, Minister Saeed stated that STO has collected MVR 192,149,939 from the operation and paid MVR 17.3 million in taxes to the state. Notably, 83% of the revenue stemmed from the sale of VLSFO. Very Low Sulphur Fuel Oil, is a type of marine fuel with a sulfur content of 0.5% or less, developed to meet the International Maritime Organization's (IMO) 2020 regulations
The bunkering initiative, operated by STO in partnership with global energy giant Vitol, currently runs with two vessels capable of storing 4,000 tonnes of crude oil. These vessels supply fuel through ship-to-ship transfers in open waters.
The project is part of the Government’s wider efforts to diversify revenue sources and strengthen national economic resilience. Minister Saeed also revealed that the Government is reviewing regulatory and pricing models from neighbouring countries to develop the sector further.
The offshore bunkering service is reserved exclusively for local companies under the revised Foreign Investment Act.