Minister of Economic Development and Trade Mohamed Saeed has stated that the recently inaugurated international bunkering services have led to the generation of USD1.5 million in revenue.
Speaking at the "Haftha 52" panel discussion, Minister Saeed revealed that State Trading Organisation (STO) has collected USD1.5 million in revenue from the offshore bunkering services. Bunkering services were introduced in the Maldives during a time when the nation was facing several economic challenges.
Furthermore, Minister Saeed disclosed that a contractor has been decided to develop a harbour, under the Economic Gateway Project in Ihavandhippolhu Atoll. Additionally, works have also commenced to develop the International Financing Centre as well.
International bunkering services were officiated on September 19. The government projects that the bunkering services will generate an additional USD 400 million, creating a new industry valued at USD 390 million.
In order to provide maritime services related to bunkering, Maldives Ports Limited (MPL) has established a designated centre in the northern islands. The services it will provide include pilotage, yacht docking, crew change services, and supply of essentials.