Minister of Economic Development and Trade Mohamed Saeed has stated today that State Trading Organization (STO) invested between USD 15 to 20 million in establishing international bunkering services in Maldives Economic Gateway (Ihavandhippolhu).
Minister of Economic Development and Trade Mohamed Saeed has stated today that State Trading Organization (STO) invested between USD 15 to 20 million in establishing international bunkering services in Maldives Economic Gateway (Ihavandhippolhu).
Speaking at the inauguration ceremony at Haa Alif atoll Hoarafushi today, Saeed said Maldives is not talking about competing with bunkering services provided in Singapore or Sri Lanka. Rather, the government's aim is to begin the services and continue to expand them over time. He said that as such, it is a great pleasure to have the services commenced in the Maldives.
Saeed emphasized that STO has the space to move forward with the opportunities presented through working with Netherlands' company Vitol on a profit sharing model.
He stated that Vitol had met with President Dr Mohamed Muizzu as well yesterday, where they had expressed interest in further investments in the Maldives.
"Although in this traffic, STO targets to serve just one percent, that is enough for us to aim to set up an on port facility. That is what we will aim for," Saeed said.
Saeed said that introduction of bunkering services had faced delays of years due to the former President Ibrahim Mohamed Solih's administration lacking the courage to commit to it, and praised the current government for having worked with determination and speed to establish the services within a relatively short period of time.
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