Maldives Nears MVR 1 Billion Revenue From New Bunkering Venture

Economic Minister Mohamed Saeed has revealed that the Maldives’ newly launched bunkering services have generated close to MVR 1 billion in revenue so far, citing figures from State Trading Organization (STO).

Speaking during a media briefing held at the President’s Office on Thursday, Saeed said bunkering operations had generated MVR 923.46 million in revenue as of April this year.

He stressed that the earnings were derived from fuel imported specifically for bunkering operations and not from the fuel traditionally brought into the Maldives for domestic use.

“Within about two years, and even without a dedicated port, this newly started work has increased revenue to nearly one billion Rufiyaa,” Saeed said.

“Now, you might ask, ‘Isn’t this the same fuel brought to the Maldives previously?’ No, it is not,” he added.

According to the minister, between 85 and 90 percent of the fuel used in bunkering services is a category of fuel that had not previously been imported into the Maldives.

He noted that before the Maldives entered the sector, bunkering services for vessels operating in the region were largely handled by ships from Sri Lanka and other neighboring countries.

The Maldives officially launched its international offshore bunkering services on September 19, 2024, with operations mainly centered in the northern Ihavandhippolhu Atoll. The initiative is part of the government’s broader economic strategy aimed at positioning the Maldives as a key maritime service hub along major Indian Ocean shipping routes.