Bunkering services generate USD 12.4 million so far

The Maldives government has earned MVR 192.1 million (USD 12.4 million) from its bunkering service since its launch in November last year, Economic Minister Mohamed Saeed told Parliament today.

Speaking in response to a question from South Galolhu MP Meekail Ahmed Naseem, Minister Saeed said MVR 17.3 million had been paid as taxes to the state.

“International bunkering work started in September 2024. So far, we have generated revenue of MVR 192,149,939, according to figures provided by STO,” he said.

Most of the fuel sold to vessels was low-sulfur fuel, previously unavailable in the Maldives.

Offshore bunkering services are provided in the Ihavandhippolhu zone in partnership with Maldives Ports Limited (MPL), with fuel supplied directly to ships by STO.

The service operates two vessels; the 3,258 tonne MT Marine Angel and the 3,929-tonne MT Marine Bella, both built to international safety and security standards.

Diesel is supplied to yachts and luxury ships, while cargo and container vessels receive low sulfur fuel.

Minister Saeed had earlier projected the service would generate USD 400 million annually.