News Desk
MALE’, Maldives — For years, the Maldives has lagged behind its neighbors in offering international bunkering services, a shortfall the government says is due to the lack of attention from past administrations. Now, officials are racing to change that.
Economic Development and Trade Minister Mohammed Saeed said on Ahaa Forum last night that the country’s offshore bunkering service, launched five months ago, is showing early promise. The service allows vessels to refuel in Maldivian waters, a potentially lucrative industry in a region where maritime trade is expanding.
“This does not harm the Maldives,” Saeed said. “It benefits the country.”
State Trading Organization (STO), which handles fuel imports, has so far delivered two shipments for the service, with a third on the way, the minister said. Meanwhile, a bill on international bunkering, the first of its kind in the Maldives, has been drafted to establish a legal framework for the industry.
Still, the Maldives faces steep competition. Neighboring countries offer on-port bunkering, with established storage tanks, infrastructure, and a seamless process for ships to refuel. In contrast, the Maldives is just beginning to build its capacity.
“Many years of negligence,” Saeed said, noting that past governments had failed to invest in the sector.
To close the gap, the government plans to construct a storage facility for bunkering services in Horafushi, in the north of the country, later this year. A port and terminal will follow, aiming to position the Maldives as a serious player in the regional fuel trade and bunkering service.
For now, Maldivian bunkering remains an offshore operation. But as the country seeks to develop its facilities, officials hope to compete with the well-established hubs in the region—and carve out a share of the growing market.
