USD 1.5 million earned through bunkering services

Minister of Economic Development and Trade Mohamed Saeed has said that as of now, USD 1.5 billion has been earned through providing international bunkering services at Maldives Economic Gateway (Ihavandhippolhu).

The service, entirely new to the Maldives, was launched on September 19.

Speaking on State media PSM's 'Hafthaa 52' programme last night, Saeed said that previous budgets proposed in the Maldives never had revenues projected from any industry besides tourism.

The budget proposed for 2025 by this government, he said, includes projected revenues from other industries, including international bunkering.

While the Maldives economy is in a dire situation, STO has earned USD 1.5 million via bunkering services within the past two months, Saeed said.

Offshore bunkering services in the Ihavandhippolhu zone are provided through Maldives Ports Limited. Fuel supply to boats under bunkering services are conducted directly by STO.

Bunkering services are provided through the use of two boats: the 3,258 tonne MT Marine Angel and 3,929 tonne MT Marine Bella. STO said that the boats were built in compliance with international safety and security standards.

STO, at present, supplies diesel and low sulphur fuel. Diesel is supplied to yachts and luxury boats while low sulphur fuel is supplied to container ships and cargo boats.

MPL CEO has also said that water bunkering services have also been commenced, and based on the orders received, estimates a monthly income of USD 1.5 million.

On last night's programme, Saeed emphasized that more initiatives need to be introduced to increase State revenue.

Saeed said that if we take a year, daily revenue is at about MVR 65 million. However, daily expenditure stands at MVR 96 million, he added. This makes the Maldives mark a MVR 40 million debt every day.

To overcome this, the President is exploring new means of earning revenue, Saeed said.