The government has revealed that the recently inaugurated international bunkering services have led to the generation of USD 10.1 million in revenue in less than a year for the island nation.
International bunkering services were launched in the north of the Maldives in September last year with a government investment of around USD 20 million.
According to the Ministry of Economic Development and Trade, the service generated revenue of USD 2.9 million in the first three months and has been steadily increasing from the turn of the year.
The highest revenue from bunkering services this year was recorded in February, March and April, posting over USD 1.3 million for three consecutive months.
Bunkering Revenue This Year:
January - USD 649,000
February - USD 1.4 million
March - USD 1.4 million
April - USD 1.6 million
May - USD 521,000
June - USD 849,000
July - USD 882,000
The bunkering operation is carried out by State Trading Organisation (STO)
in partnership with Vitol, an international energy and commodities firm. To facilitate services, two vessels are deployed, each capable of carrying approximately 4,000 tonnes of oil, with refuelling conducted offshore while ships remain at sea.
Bunkering Revenue Generation by Area
Ihavandhippolhu - USD 236,000
Kaafu Atoll - USD 8.4 million
Noonu and Vaavu Atoll - USD 1.6 million
The primary objective of this initiative by the government is to diversify the national economy beyond its reliance on tourism, and to increase the resilience of the economy such that it is less vulnerable to external economic shocks.
The government projects that the bunkering services will generate an additional USD 400 million, creating a new industry valued at USD 390 million.