STO to Relocate Oil Storage Facility to Thilafushi for Greater Efficiency and Price Stability

State Trading Organisation (STO) CEO and Managing Director Shimad Ibrahim announced that the oil storage facility's relocation from Funadhoo to Thilafushi will significantly enhance storage capacity and reduce logistical challenges. This initiative, one of STO's largest projects, aims to improve fuel supply operations and potentially stabilize oil prices in the Maldives.

Shimad highlighted current limitations at Funadhoo, including space constraints and the inability to dock large vessels, which hinder operational efficiency. The new facility at Thilafushi will enable the use of economy-sized ships, reduce costs, and increase storage capacity.

The project, expected to take 18-24 months, is progressing with detailed designs under development by an appointed consultant. Following the relocation, Funadhoo will be transformed into a special economic zone to support the Maldives’ broader economic ambitions.