President Abdulla Yameen Abdul Gayoom has announced that officials from State Trading Organization (STO) would be signing a Memorandum of Understanding with Saudi Arabia to buy crude oil at a reduced rate, during their current visit to Saudi Arabia.
Addressing the gathering held by the ruling party, in Male' City's industrial village on Thursday night, President Yameen said that the Saudi Arabian government is prepared to sell crude oil to Maldives at a reduced rate. He said that the Managing Director of STO, Ahmed Shareer, would be signing an agreement to that effect, during his ongoing visit to Saudi Arabia.
The President predicted that, with Saudi Arabia providing crude oil at a reduced rate, the prices of products and services that need oil, would also come down. Reiterating his commitment to fulfil wishes of the masses and especially of the youth demographic, President Yameen assured that the administration will repay the USD 1.2 billion loan that was secured to develop Velana International Airport. He said that the airport will not only look better, but serve as a resource that would create various economic opportunities, when up-gradation work is complete.
Saudi Arabia and Maldives have always enjoyed a close relationship in areas of trade, development and education, among others. Saudi Arabia has always been a benefactor for the country's development.