Minister of Economic Development and Trade Saeed has announced today that bunkering services in Haa Alif Atoll will commence before the start of August.
Minister of Economic Development and Trade Mohamed Saeed has announced today that bunkering services planned to be introduced in Haa Alif Atoll (Ihavandhippolhu) will commence before the start of August this year.
In the President's six day trip to four northern atolls, which commenced today, the first stop has been made at Haa Alif Hoarafushi.
Speaking at a meeting with residents of the island, Saeed said that an agreement will be reached in the near future with a major international company to set up the bunkering services.
"God willing, in the next couple of weeks, one of the top ten international companies will come in to the bunkering services project in this area," Saeed said.
"Once that is done, we are anticipating, that in the next few months, latest by end of July, that we can start the business of bunkering services here," he said.
The President described this project, Maldives Economic Gateway, as the largest economic project that is being undertaken in the Maldives.
Last December, Saeed said that although there is an existing agreement the previous government had entered into with a contractor to launch bunkering services in Ihavandhippolhu, the current government had not by then decided on a course of action regarding the project.
State Trading Organization (STO) had entered into an agreement with Qatar's Urbacon Trading and Contracting (UTC) to develop a fuel storage, development of a national strategic reserve of oil, and oil bunkering facility in Ihavandhippolhu. The project was contracted to UTC in August 2023, during the previous administration.
According to Minister Saeed at the time, the Memorandum of Understanding (MoU) between STO and UTC simply sought a feasibility check for the bunkering project.
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