News

STO receives approval to establish bunkering service

State Trading Organisation (STO) has received approval to establish an international bunkering service. The announcement was made by Managing Director Abdulla Saeed at the Annual General Meeting (AGM).

At the AGM, Managing Director Saeed said that STO is working with international consultants to begin the process of establishing the bunkering service in Haa Alifu Atoll. He said that the regulatory process is nearly complete and that STO intends to reintroduce international fueling operations using both physical trading and paper trading methods. He added that the company plans to establish a fuel storage facility in the United Arab Emirates (UAE).

The government plans to develop a transshipment port in Haa Alifu Atoll with crew changing, bunkering, and supplying services. The port is being developed to cater to the largest cargo ships in the world, with a handling capacity of 1.8 million containers per year, and an investment of USD466 million will be needed for the project.

At the AGM, shareholders of STO approved the distribution of USD4.99 per share as the dividend for the year 2022, which is the highest in the past 10 years. STO posted an operating profit of USD64.8 billion by the end of 2022 and total revenue of USD1.2 billion in 2022, which is a 79% increase compared to 2021.