The Maldives’ entry into the international bunkering sector has proven to be a significant economic success, generating more than USD 18 million in revenue just over a year after its launch.

The update was shared by Minister of Economic Development and Trade, Mohamed Saeed, during a press conference held at the President’s Office.

Minister Saeed outlined the strong performance of the offshore bunkering service, which is operated by the State Trading Organization (STO) in collaboration with global energy company Vitol.

He noted that revenue has increased substantially in recent months, rising by approximately USD 5.8 million from the USD 12.5 million recorded in late October.

The offshore bunkering initiative was launched in September last year as part of the government’s strategy to diversify the Maldivian economy and establish a new, sustainable revenue stream.

At the time of its introduction, projections indicated the service could contribute up to USD 400 million annually to the country’s gross domestic product.

Describing the project as highly successful, Minister Saeed said the government remains confident in its long-term viability.

He added that plans are already in place to expand and further strengthen the bunkering operation to maximise its contribution to the national economy.