The Maldives' nascent maritime bunkering sector has yielded nearly USD 60 million in revenue, Mohamed Saeed, the Minister of Economic Development, Transport and Trade, announced at the President’s Office.
The state-facilitated service, managed through the State Trading Organization (STO), has demonstrated robust fiscal performance since its inauguration in September 2024. Strategically implemented under the administration of President Dr Mohamed Muizzu to diversify the national economy, the initiative officially contributed USD 59.90 million to the nation's coffers by the end of last month.
"According to data provided by STO, accumulated revenue reached MVR 923.46 million [USD 59.90 million] as of 30 April 2026," Minister Saeed stated, noting that earnings are nearing the MVR 1 billion threshold. "Within a two-year timeframe, and notably operating without a dedicated port facility, this endeavour has successfully driven our revenues close to MVR 1 billion," he added.
The sector's growth is anchored in specialised petroleum products, with 90 per cent of the fuel utilised being entirely new to the domestic market. The sale of low-sulphur oil has fortified the STO, which reported total revenue of USD 356.09 million in its first-quarter report.
Fuel volume sold through offshore channels rose by 18 million litres this quarter, aided by a partnership with the Swiss-based Vitol Group. The administration of President Muizzu intends to further solidify the initiative as part of a sustained effort to diversify the macroeconomic landscape and secure new streams of national income.