Maldives has generated MVR 124 Million from bunkering services: STO MD Shimad
The Maldives has earned MVR 124 million in revenue through its newly introduced bunkering services, according to Shimad Ibrahim, Managing Director of State Trading Organization (STO).
The update was shared during STO’s Annual General Meeting held on Saturday evening.
Shimad revealed that the revenue was generated from the sale of 11,500 metric tons of fuel since the service was launched.
He also highlighted a notable transaction in which one of the world’s largest cruise ships purchased 1,200 metric tons of fuel during a recent port call to the Maldives.
Despite the initial success, Shimad stressed the need for continued development in the bunkering sector to make the Maldives more competitive in the region.
There are still things we need to improve in bunkering. If we want to compete with neighboring countries like Colombo, we need to improve many things. We are currently in discussions
Shimad stated
The bunkering service, launched on September 19, 2024, is operated jointly by STO and Maldives Ports Limited (MPL) in collaboration with the Swiss-based company Vitol.
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