President Dr Mohamed Muizzu announced today that the government plans to establish a National Oil Reserve as part of efforts to mitigate the long-term impacts of the ongoing war in the Middle East.
At this week's Monday-press briefing, President Muizzu said that research is currently being conducted into setting up a National Oil Reserve. He said that the government has now decided to conduct the work in three phases in three regions of the country.
The President estimates that establishing an oil reserve in each region will take between one and a half to two years, with the work projected to reach completion within approximately five years.
As Maldives is highly dependent on fuel, it is imperative to build an oil reserve, the President asserted.
"So our plan is, at the rate of completing a phase within a year and half, to set up oil reserves in three regions within four to five years. All necessary research for this is being conducted now," the President announced.
Each phase will require an investment of approximately USD 150 million, according to the President. He assured that the work will be undertaken after weighing pros and cons, and in a sustainable manner.
In yesterday's press conference held by the cabinet committee formed to address challenges faced due to the war in the Middle East, Finance Minister Moosa Zameer stated that additional measures are being planned to ensure Maldives has a steady supply of fuel. In this vein, this time a fuel shipment is being brought from Singapore as well, in addition to Oman, where fuel to the Maldives is regularly sourced from.
Zameer stated that, even at present, Maldives has an adequate stock of fuel.
The President stated today that like countries around the globe, Maldives, too, is facing many challenges due to the ongoing conflict. While Maldives' economy is heavily dependent on tourism, 31 percent of tourists transit through airports in the Middle East on their route to the country.
The President said that Maldives has seen a 21 percent dip in tourist arrivals even over the past 20 days. He said that the government is exploring ways to boost tourist arrival numbers.
