Maldives to Launch International Bunkering Services in September

The Minister of Economic Development and Trade, Mohamed Saeed, has announced that the Maldives will launch international bunkering services on September 12. This initiative marks a significant step in the country's economic development, leveraging its strategic location along major international maritime routes.

During a press conference, Minister Saeed highlighted the potential of the Maldives to become a prominent global bunkering destination. A term sheet has already been signed with Vitol Bunkers, a leading multinational energy and commodity trading company, to collaborate on this project. The collaboration aims to position the Maldives prominently on the world bunkers map, enhancing its global maritime presence.

Minister Saeed also addressed the recent delays in the project, attributing them to unfavorable weather conditions. However, he reassured that with the current progress, the services are on track to commence as scheduled on September 12.

In addition to the bunkering project, the minister discussed the government's broader efforts to revitalize and expand the Maldivian economy. One such initiative is the Agriculture Economic Zone project, set to begin in December. This project, valued at USD 200 million, aims to produce 80% of ten types of currently imported goods, significantly boosting the agricultural sector.

Moreover, a Memorandum of Understanding (MoU) has been signed between the State Trading Organisation (STO) and Maldives Ports Limited (MPL) to enhance services for vessels providing bunkering in the northern Maldives. This agreement is expected to strengthen maritime services in a region that is crucial for international shipping routes.

These initiatives underscore the Maldives' commitment to economic growth and diversification, positioning the nation as a key player in global maritime and agricultural sectors.