President Dr. Muizzu announces plan to establish national oil reserves
President Dr. Mohamed Muizzu has announced plans to establish national oil reserves in three strategic locations across the Maldives, as part of efforts to strengthen the country’s fuel security.
Speaking at a press conference held at the President’s Office, the President said the initiative is being prioritised due to the Maldives’ heavy reliance on imported fuel.
He noted that preliminary studies for the project have already commenced and likened the proposed reserve to the Sovereign Development Fund (Maldives) in terms of national importance.
As oil remains our primary dependency, establishing a national oil reserve is a critical priority for the Maldives,
the President stated
The project is expected to be carried out in three phases, each requiring an estimated investment of USD 150 million.
According to the President, the government aims to complete one phase every 18 months.
Our vision is to complete one phase every 18 months, aiming to establish oil reserves in three different regions within a timeframe of four and a half to five years. It is anticipated that the government will invest approximately USD 150 million per phase to cover investment and associated costs,
President Dr. Muizzu detailed
He added that the initiative will be implemented with careful consideration of both economic and environmental factors, ensuring that the development remains sustainable.
The announcement comes amid ongoing instability in the Middle East, with the government taking proactive steps to mitigate potential disruptions to fuel supply and ensure long-term energy resilience for the Maldives.
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