Maldives to Launch International Bunkering Services This Month

The Maldives is set to commence international bunkering services on the 22nd of this month, announced Economic Minister Mohammed Saeed during the opening ceremony of a recent trade conference.

During his address, Minister Saeed emphasized the importance of improving trade ties between China and the Maldives, noting the potential for increased re-exports despite the country's geographic isolation. "Even if the Maldives are surrounded by water, re-exports must be increased to benefit from the maritime sector," he stated.

This initiative is part of the broader Maldives Economic Gateway Project. In March, the State Trading Organisation (STO) and Vitol Group signed a term sheet to establish an international bunkering facility. This agreement has now placed the Maldives on the Vitol Bunkers map.

To initiate the service, STO will deploy two oil tankers, each with a capacity of 4,000 tonnes. These vessels will operate both at sea and offshore, providing crucial fuel supplies to marine ships and vessels. The bunkering service, essential for maritime operations, involves the provision of fuel to ships, enhancing the Maldives' position in the global shipping industry.

Vitol Bunkers, a renowned shipping and cargo firm, will be offering a range of fuel supply services through this new operation. This development signifies a significant step forward in the Maldives' efforts to strengthen its maritime sector and improve its economic ties with international partners.