Finance Minister Moosa Zameer announced today that two lagoons near Malé are currently being surveyed as potential sites for the first storage facility under President Dr. Mohamed Muizzu's National Oil Reserve project.

Speaking at a press conference held by the Crisis Committee, established in response to the Middle East conflict, Zameer noted that the Finance Ministry and the Economic Ministry have begun preparations to establish the national reserve through the State Trading Organization (STO).

He explained that the first phase of the project involves building a fuel storage facility near Malé, and efforts are now focused on finalizing a location that ensures large vessels can dock and depart easily regardless of weather conditions.

"The current plan is to proceed in three phases. In the first phase, STO is assessing two lagoon areas near Malé, adjacent to two specific islands. God willing, surveys at these sites will begin as early as next week. We have already identified them using maps," he said.

Zameer added that a comprehensive plan covering the design, financing, and feasibility of the storage facility will be finalized within approximately two weeks and submitted to President Muizzu.

The Finance Minister also reassured the public that there are currently no difficulties in importing fuel to the Maldives despite the ongoing war. He mentioned that in addition to STO, several private companies have also resumed importing new shipments of fuel.

The initiative to establish a National Oil Reserve across three regions of the country was first announced by President Muizzu on March 23, as a long-term strategic measure to safeguard the Maldives against global supply disruptions.