Vitol Bunkers has recognised the Maldives as a significant global destination for bunkering services, showcasing the country on its prominent worldwide bunkers map. Vitol Bunkers, a renowned international company and leading energy trading entity, offers its services on a large scale across the globe.
In a notable development, the State Trading Organization (STO) and the multinational energy and commodity trading company Vitol signed a term sheet on March 13 for an international bunkering project aimed at developing bunkering facilities in Ihavandhippolhu. This agreement outlines the framework for the project, with both parties committed to finalizing the necessary documents within a specified timeframe.
Furthermore, the government has granted STO exclusivity in operating the international bunkering facility, which is set to commence operations in Bodu Thiladhummathi as early as June. Bunkering services play a crucial role in providing oil and other energy sources to various vessels in the region.
The establishment of bunkering facilities in the Maldives is expected to contribute significantly to economic growth, given the strategic location of the country near two major shipping channels where such services are in high demand. This initiative is poised to enhance the country's position as a key player in the global bunkering industry.