Maldives to Develop Strategic Oil Reserves Across Three Regions

24 March 2026, 11:23

The government has announced plans to establish strategic petroleum reserves across three regions, with each phase of the project estimated at USD 150 million.

President Dr Mohamed Muizzu stated that feasibility studies are currently underway, with the project expected to be implemented in phases lasting between 18 and 24 months each. The full rollout is projected to take approximately four and a half to five years.

The initiative aims to strengthen national energy security, given the Maldives’ reliance on imported fuel. The President compared the strategic importance of the reserves to the Sovereign Development Fund in ensuring economic stability.

Authorities indicated that investment decisions will be guided by assessments of profitability, risk, and long-term sustainability.

The project comes amid continued volatility in global oil markets, with the government emphasizing its commitment to minimizing the impact of external shocks on the domestic economy.

Maldives to Develop Strategic Oil Reserves Across Three Regions

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