Sunday
17th Nov 2024
Dhivehi Edition
Minister Saeed
Maldives to Launch Bunkering Services on September 12, Expected to Boost National Revenue
Economic Minister Mohamed Saeed
Speaking at a press conference held at the President's Office, Economic Minister Mohamed Saeed revealed that the Maldives' bunkering services, initially set to begin on May 22, were postponed due to significant rainfall in the past two months. The service is now scheduled to launch on September 12, marking a significant step in boosting the nation’s economy.
Minister Saeed explained that the initial phase of the bunkering service will involve the use of two vessels to provide offshore refueling services. The long-term plan includes acquiring land to establish fuel storage tanks and expanding the service to offer international bunkering capabilities. Bunkering, the process of supplying fuel to ships, is anticipated to become a lucrative industry in the Maldives, capitalizing on the frequent maritime traffic in the region.
The introduction of this service is expected to significantly enhance the country's revenue. Currently, the Maldives' Gross Domestic Product (GDP) stands at USD 6.5 billion. However, the government projects that the bunkering service will generate an additional USD 400 million, creating a new industry valued at approximately MVR 6 billion.
The government views the establishment of bunkering services as a critical economic initiative, poised to diversify the nation's revenue streams and strengthen its economic resilience.