Economic Minister Mohamed Saeed stated today that USD 80 million has been received so far from the bunkering business, a newly initiated effort by this government.

Speaking at a media briefing held at the President's Office, based on the latest report, Saeed stated that USD 80 million (MVR 1.2 billion) has been received so far from the bunkering service.

When questioned in the People's Majlis in October of last year regarding the revenue received from the bunkering service, Saeed stated that MVR 12.4 million had been received up to that time.

"The latest report states that eighty million dollars have been received from the bunkering business, USD 80 million. This is not revenue that was received previously," Saeed stated today.

Since the bunkering business was launched in September 2024, this month marks two years since the business began. If USD 80 million has been received from the business so far, that amounts to USD 40 million (MVR 618 million) per year.

Minister Saeed also stated previously that a large portion of the fuel sold to cargo ships through the bunkering service is low sulfur fuel, a type not previously sold by the Maldives.

Offshore bunkering services in the Ihavandhippolhu zone are provided in collaboration with MPL. The task of supplying fuel required by vessels under the bunkering service will be carried out directly by STO.

The offshore bunkering service is provided with two vessels. They are the 3,258-tonne MT Marine Angel and the 3,929-tonne MT Marine Bella. STO has stated that these two vessels were built to fully comply with international safety and security standards.

STO currently provides diesel and low sulfur fuel. Among them, diesel will be provided to yachts and luxury vessels. Cargo ships and other container vessels are provided with low sulfur fuel.