The Managing Director and CEO of State Trading Organization (STO) Mr. Hussain Amru declares the company's plan of establishing oil storage units and a bunker in Ihavandhippolhu, Haa Alif atoll.
The news was officially announced during the company's annual general meeting held at CROSSROADS Maldives on Monday evening.
Mr. Amru had noted that the island of Ihanvandhippolhu, due to its geographical location is the closest to international freightliners and other cargo vessels making trips from the route. He estimated that a total of 300 vessels traveled near the area on a daily basis.
Furthermore, he pointed out on lack of facilities and services for these heavy vessels in terms of fuel supply and other maintenance requirements in the said area.
He revealed STO's plan of establishing an international oil bunker to facilitate supply of fuel and other services to international cargo liners.
Moreover, he noted on the prospective benefits of such a project on the Maldivian economy.
Mr. Amru had also spoken about the requirement for increased oil import to the Maldives in order to cater services for international cargo liners and other vessels - a move that will likely drop the price on oil in the Maldivian market and make it more available for local consumers.
He also noted on the prospect of boosting the economic sector to compete with the island nation's strongest economic activity; tourism industry.
In addition to this, Mr. Amru affirmed to resolve the logistical issues in supplying fuel between local residential islands.
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