State Trading Organization (STO) confirms it expects commencement of oil-bunkering services at Haa Alifu atoll Ihavandhippolhu before the year end.
The largest state-owned enterprise (SOE) affirms executing all prerequisites for the operation to kick off by scheduled date.
The corporation for sometime has been heavily invested in developing an international standard floating oil storage unit for global oil bunkering service at the eight-degree channel in Ihavandhippolhu.
This marks the first time oil bunkering service is launched in the Maldives, added to it the international scale of operations, which requires strict frameworks and guidelines for adherence for streamlined operations. Discussions are held periodically with Ministry of Economic Development towards drafting required operational frameworks and policies.
The island of Ihavandhippolhu is geographically at the most northern-end of the Maldives due to which its outer banks is home for close to over 300 international vessels traverse across them. However, the area lacks any established oil bunkers.
Earlier, the Managing Director of STO, Hussain Amru highlighted on prospective economical scope for the Maldives from an international bunkering operation.
Implementation and execution of the bunkering operation will further increment the strongest revenue stream for the company; fuel. The company reported a revenue of MVR 6 billion from fuel operations just last year.
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