Maldives secures spot on global bunkering map with Vitol partnership

03 Apr 2024 | 09:13
Commercial harbor visual representation (Photo/Economic Minister Saeed)

Maldives has gained recognition in the global bunkering industry, being featured on the prominent map for bunkering services, Vitol Bunkers.

Economic Minister Mohamed Saeed took to social media platform X to announce this milestone, sharing screenshots from the website to confirm Maldives' inclusion.

The term sheet agreement between STO and Vitol was officially signed on March 13, with Vitol, the largest global energy trader, set to market the Maldives as a prominent bunkering hub in the Indian Ocean region. Additionally, Vitol will contribute to enhancing the Maldives' technical capabilities in the bunkering industry.

Under this agreement, an international bunkering facility is to be established in Ihavandhippolhu, enabling ships to refuel in the Maldives.

STO's Managing Director Shimad Ibrahim has expressed optimism regarding the project, anticipating significant economic benefits, increased foreign currency exchange, reserves, and job creation.

Ihavandhippolhu atoll holds strategic importance in the Maldivian government's economic diversification plans, designated as the Maldives Economic Gateway.

The development plans for the atoll include the establishment of an international port, a strategic oil terminal, and various marine activities.