STO to Offer 20 Barrels of Oil to Fishing Boats Going to Koodoo

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Image: Maldives Business Standard

State Trading Organization (STO) has revealed the company will be offering 20 barrels of oil free-of-charge to fishing vessels that are going to Gaafu Alif, Koodoo to sell fish.

This is followed by the fishing boats in the south of the Maldives also traveling to the north for fishing and returning back to the south to sell fish. STO has stated that offering these oil barrels is to aid the fishing boats since they are now consuming more oil.

The fisheries sector is raising concerns over the inability to weigh their fish at a feasible rate despite the upswing in their daily catch.

MIFCO was listed under an STO subsidiary company in 2016 during former President Abdulla Yameen Abdul Gayoom’s administration. Due to the fear of the company going bankrupt, the government assumed the MVR 300 million debt acquired by the company at the time.

Since then, the state-run fisheries company has been operating under STO for three years.

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