MVR MVR 124 million generated in revenue from bunkering since its launch in September 2024.
Managing Director of State Trading Organisation (STO), Shimad Ibrahim, revealed that the company has earned MVR 124 million in revenue from bunkering, the sale of 11,500 metric tons of fuel since its launch in September 2024. The announcement was made during STO’s Annual General Meeting, held on Saturday at Barceló Nasandhura in Malé.
Bunkering operations initially began in the northern Ihavandhippolhu region. However, much of the activity has since shifted to the Malé area, where STO has begun servicing major international shipping lines. Shimad noted that one of the world’s largest cruise ships purchased 1,200 metric tons of fuel during a recent visit to the Maldives. STO has gained the confidence of major international shipping lines, marking a significant milestone in expanding STO’s footprint in regional maritime services.
However, Shimhad added that there is still work to be done to improve the service further.
Shimad highlighted that ongoing discussions are focused on expanding operations and boosting the Maldives’ competitiveness in the global bunkering market. A key part of this strategy involves a partnership with Vitol, the world’s largest privately owned energy trading company. Under a Memorandum of Understanding signed in March 2024, STO and Vitol plan to jointly develop and operate an international bunkering project in the northern region of the Maldives.
Speaking at a press briefing in April, Economic Minister Mohamed Saeed stated that the government aims to gradually expand bunkering services, with a target of generating approximately MVR 400 million in profit.
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