Work Begins on National Fuel Reserve as Middle East Tensions Monitored: Special Cabinet Committee

The Special Cabinet Committee established by Mohamed Muizzu has confirmed that work has begun to develop a national fuel reserve, while the situation in the Middle East continues to be closely monitored.

The update was shared during the Committee’s weekly press briefing held at the President’s Office on Wednesday.

Speaking at the briefing, Moosa Zameer, Minister of Finance and Public Enterprises and Chair of the Committee, said potential locations for fuel storage facilities have been identified through joint efforts with the Ministry of Economic Development, Transport and Trade and the State Trading Organisation (STO).

He emphasised that the selected sites must have strong connectivity to transport networks, favourable weather conditions, and the ability to accommodate alongside berthing for large vessels.

Zameer revealed that, under the first phase of the three-stage project, assessments of lagoons on two islands near Malé are currently underway. Feasibility studies covering design and financing have also commenced, with surveys scheduled to begin next week. The studies are expected to be completed within two weeks, after which a detailed report will be submitted to the President.

He welcomed public feedback on the initiative, expressing confidence that the studies would address key concerns raised.

Addressing fears of possible fuel shortages amid rising Middle East tensions, the Committee reassured the public that there is currently no risk to the country’s fuel supply. It added that while global fuel prices have seen fluctuations, domestic prices remain stable, and there are no concerns regarding the availability of essential goods and medical supplies.

Meanwhile, Iruthisham Adam, Minister of Foreign Affairs, said the government is maintaining daily diplomatic engagement in line with its foreign policy to respond to any potential escalation.

She outlined ongoing bilateral and multilateral efforts, including coordination with international partners and institutions, as well as continuous monitoring and information-sharing with relevant authorities.

Highlighting the Maldives’ active role among Islamic nations and bilateral partners, the Foreign Minister said advancing national interests remains a top priority across all platforms. She added that the Maldives continues to advocate for peace, uphold its constitutional principles, and represent the interests of vulnerable Small Island Developing States (SIDS).

Iruthisham also noted that efforts are underway to prevent a potential default.

The Committee concluded the briefing by reiterating the President’s commitment to resolving national issues within legal frameworks and ensuring justice for all.