STO chief: MVR 124mn generated from bunkering, some changes required

Maldives has generated MVR 124 million in revenue from bunkering service, says Shimad Ibrahim, the managing director of State Trading Organization (STO), adding that more changes are required to improve the service.

Bunkering services launched in the Maldives on September 19, 2024. The service is run by the STO and Maldives Ports Limited (MPL) in partnership with Swiss-based Vitol.

During STO’s 2024 annual general meeting on Saturday evening, Shimad said that the service has generated MVR 124 million from the sale of 11,500 metric tons of fuel.

He said that one of the world’s largest cruise ships purchased 1,200 metric tons of fuel during a recent visit to the Maldives.

Shimad described the bunkering project as a success so far.

“[It shows] we have gained the trust of major international shipping lines,” he said.

But Shimad said bunkering services need further changes or “improvements”. But he did not specify what the changes entail.

During a press briefing back in April, Economic Minister Mohamed Saeed said that the plan is to gradually develop bunkering services and generate around MVR 400 million in profit.