News Desk
The Maldivian government’s new bunkering services — supplying fuel to ships passing through the country’s northern waters — have brought in more than MVR 192 million since operations began last year, Economic Minister Mohammed Saeed told Parliament on Wednesday.
Saeed said the government had estimated the industry would generate around $400 million in its first year. As of Tuesday, the bunkering business had earned MVR 192,149,939, including roughly MVR 17 million in tax revenue.
He described the initiative as a key step in diversifying the county’s economy beyond tourism. “We’ve built an entirely new industry,” Saeed said, adding that early criticism from opposition lawmakers echoed the doubts once directed at the tourism sector decades ago.
The state-owned STO launched the bunkering operation in September last year in partnership with Vitol, one of the world’s largest energy and commodities companies. The project began with the installation of an International Ship and Port Facility Security (ISPS) gate to serve vessels along the busy northern trade routes.
More than 200 cargo ships and other vessels pass through the area each day, carrying billions of dollars’ worth of goods. Since the launch, STO has been refueling some of those ships — tapping into a steady flow of maritime traffic that had previously provided little direct income to the Maldivian economy.
