Saeed; Maldives at ideal location for bunkering

Minister of Economic Development and Trade Mohamed Saeed on Wednesday has said the Maldives is at an ideal geographical location for an international bunkering operation.

He said this at the term-sheet signing ceremony between STO and Vitol for the International Bunkering Project at Ihavandhippolhu.

STO partnered up with the Swiss-based Dutch energy and commodity trader for the bunkering initiative.

At the signing ceremony, Saeed said he was pleased with Vitol's acknowledgement of Maldives' potentiality in becoming a bunkering hub in the Indian Ocean. 

"We are blessed with two martime lanes that is crossing the Maldives, one is what we call the Eight-Degree Channel and the other is the Zero-Degree Channel. We are blessed that these two channels pass through our waters, from our Exclusive Economic Zone," Saeed said, highlighting on the geographical strength of the island nation.

Noting the multitude of past research and studies conducted by various international research or consultancy firms, Saeed noted that the Maldives is "blessed" with calm and shallow lagoons and waters, enhancing easier vessel berthing and docking.

The minister thanked Vitol for its trust and confidence in the project.

Saeed accentuated the importance a leader's vision and trust in any initiative for it to succeed, and said President Dr. Mohamed Muizzu believed in the potentiality and success of this bunkering project.

"What makes President Muizzu different is the amount of listening he devotes for and sharp decision-making," Saeed praised the Maldivian head of state.

While thanking the President for his "bold decisions" to push boundaries of Maldivian economy, and expand the economic sectors, Saeed noted the bunkering sector is poised to become a key industry for the Maldives.

According to the minister, besides bunkering, Ihavandhippolhu will become the new venue for the Maldives-International Fuel Terminal; which is shifting from Funadhoo next to Male' City.

This decision, as per Saeed, reflects the government's decision to expand fuel storage capacity for the Maldives, and enhance its accessibility in the bunkering service.

Saeed said an EXIM port will be established in Ihavandhippolhu as well. He further emphasized that the previously entitled "iHavan" has been renamed to Maldives Economic Gateway.