Maldives partners with Vitol to Establish International bunkering hub

13 Mar 2024 | 21:32
From the agreement signing ceremony between Vitol and STO

In a significant move towards bolstering the nation's energy infrastructure, Mr. Shimad Ibrahim, Managing Director of State Trading Organization (STO) has officially signed a term sheet agreement today with Vitol, the largest energy trader globally.

The agreement aims to establish an international bunkering hub in Ihavandhippolhu atoll.

Under this partnership, Vitol will play a pivotal role in marketing the Maldives as a prominent bunkering hub within the Indian Ocean region. Moreover, the company will actively contribute to enhancing the Maldives' technical capabilities in the bunkering industry. 
The ceremony commemorating this collaboration was honored by the presence of H.E Mohamed Saeed, Minister of Economic Development and Trade.

Ihavandhippolhu atoll holds strategic significance in the government's plans for economic diversification.

It has been earmarked as the Maldives Economic Gateway, with ambitious plans for the development of an international port, a strategic oil terminal, and various other marine activities.

This partnership signifies a crucial step forward in realizing the government's vision for economic expansion and sustainability. 
With Vitol's expertise and support, the Maldives is poised to emerge as a key player in the global bunkering market, unlocking new avenues for growth and prosperity in the region.