MIFCO X FSM Sign Agreement to Initiate Fuel Sale At MIFCO’s Regional Sites

On Tuesday, Maldives Industrial Fisheries Company (MIFCO) and Fuel Supplies Maldives (FSM) signed an agreement to initiate the sale of fuel for fishermen at MIFCO’s regional sites. The agreement was signed yesterday between the Chief Executive Officer (CEO) of MIFCO, Ismail Fawzy and the Managing Director of FSM, Mohamed Gasam at a special ceremony held to mark the signing event.

Under this agreement, MIFCO will be facilitating the sale of fuel from FSM at its regional sites of Kuddoo and Addu fisheries complexes in the South from the 3^rd of January 2023. The service is set to be further extended on February 3^rd, 2023, with the inclusion of the Felivaru Fisheries complex as well. MIFCO stated that with the fuel sale agreement with FSM, it will make the process more efficient and ensure fishermen a guaranteed supply of fuel at all times.

Moreover, the company also said that it will resolve issues faced by fishermen during times when fuel restrictions are put into place. With this agreement, all registered fishing vessels will come to a credit agreement with FSM with each vessel receiving credit as per a set guideline. With this, vessels will be urged to pay the fuel expenditure directly to FSM during the credit period rather than omitting the expense from the fish bills. Furthermore, MIFCO stated that special rates for fishermen will still be in place regardless of the changes brought to the process. MIFCO currently sells a diesel litre for MVR 17.63 for registered fishing vessels of the company and its centres.