Maldives’ strategic foray into the international bunkering market is being hailed as a major economic success, having generated over USD 18 million in revenue since its inception just over a year ago.
The announcement was made by the Minister of Economic Development and Trade, Mohamed Saeed, during a press conference held at the President’s Office.
Minister Saeed provided a detailed breakdown, revealing that the service, operated by the State Trading Organization (STO) in partnership with the global energy giant Vitol, has seen remarkable growth.
He highlighted that as of today, revenue had surged by around USD 5.8 million from the USD 12.5 million reported in late October. This impressive income stream has also delivered a significant fiscal benefit, with tax revenues climbing to USD 1.6 million, an increase of USD 518,806.
Launched in September of last year, the offshore bunkering initiative was designed to diversify the nation’s economy and create a robust new revenue source. The government initially projected the service could contribute up to USD 400 million annually to the GDP.
Minister Saeed described the project as very successful and assured that it has a future, with plans already underway to further expand and strengthen the operation to maximise its economic impact.