State Trading Organisation (STO) has stated the establishment of a marine bunkering service will significantly increase state revenue.
Speaking to PSM News, Managing Director Hussain Amr said that STO is working to build fuel storage systems in Haa Alifu Atoll to begin a marine bunkering service to supply ships with fuel. He highlighted that a daily average of 300 foreign vessels travel by the Maldives due to its strategic location and that the state revenue would increase significantly if facilities were in place to allow even one percent of the ships to stop in the Maldives for re-supply. He added that the bunkering service would become the largest industry in the Maldives if 10% of the ships stop for re-supply.
Furthermore, Amr said that STO is working to obtain the necessary permits to establish the fuel sheds for the marine bunkering service, with help from a Singapore-based company and the various government ministries. He noted that marine bunkering is a new service for the country and that the initial steps involve establishing a floating storage facility with a bunkering boat. He said that a five million litre bunker barge will also be used to re-fuel ships. He added the surrounding islands stand to profit by servicing the ship crews with food and beverages.
STO has been working to expand its businesses with various initiatives related to shipping services and digital banking.