Minister of Economic Development and Trade Mohamed Saeed has announced that the government will initiate international bunkering services in the Maldives on September 12.
At a press conference, Minister Saeed emphasised the strategic significance of the Maldives' location along major international maritime routes. The minister expressed optimism that the introduction of these services will significantly contribute to the nation’s economic development. Aiming to start bunkering services in the nation, a term sheet has been signed with a multinational energy and commodity trading company, Vitol Bunkers. The project, in collaboration with Vitol Bunkers, recognises the Maldives as a key global bunkering destination, positioning the country prominently on the world bunkers map.
Explaining the changes of some dates of the project, Minister Saeed stated that the changes were brought following the delays which were caused due to unfavourable weather conditions. The minister affirmed that with the current pace of the works, the services will commence on September 12.
Furthermore, Minister Saeed highlighted the government's ongoing efforts to revitalise and expand the economy. The minister revealed that the Agriculture Economic Zone project is scheduled to commence in December, with the objective of producing 80% of ten types of imported goods. The project, valued at USD 200 million, represents a substantial investment in the country’s agricultural sector.
Additionally, the State Trading Organisation (STO) and Maldives Ports Limited (MPL) signed a Memorandum of Understanding (MoU) to collaborate on providing enhanced services to vessels offering bunkering services in the northern Maldives. The agreement marks a significant step towards boosting maritime services in the region, which is a crucial route in international shipping.