Minister of Economic Development and Trade Mohamed Saeed has announced that an international standard fuel storage facility will be set up in Ihavandhippolhu (Haa Alif Atoll).
Minister of Economic Development and Trade Mohamed Saeed has announced that an international standard fuel storage facility will be set up in Ihavandhippolhu (Haa Alif Atoll).
Speaking at the ceremony yesterday where State Trading Organization (STO) signed an agreement with Vitol, the world’s largest private energy company to establish an international bunkering project in Ihavandhippolhu, Saeed said that the fuel storage facility is intended to be an extra support to the bunkering project.
"We are also making efforts to find investors to establish other related projects at this location," Saeed said.
Saeed further revealed additional projects such as plans to introduce the service of maintenance and repair of vessels in Ihavandhippolhu, as well as expanding the nearby Hoarafushi Airport into an international airport.
Saeed stated that the bunkering project would open up several new opportunities, describing it as an industry besides tourism that can generate significant levels of revenue.
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