The State Trading Organisation (STO) has generated approximately USD 33.3 million in revenue from offshore bunkering services since the initiative was launched in September 2024, marking a key step in the Maldives’ economic diversification efforts.
The bunkering project, spearheaded by the Ministry of Economic Development and Trade, aims to expand the country’s economic base by tapping into the growing maritime fuel market.
Speaking at a press briefing held at the President’s Office, Minister of Economic Development and Trade Mohamed Saeed said the project has already delivered 55,000 metric tonnes of fuel and generated USD 3.05 million in tax revenue. The service, operated in partnership with global energy trader Vitol, primarily supplies low-sulphur fuel to international vessels operating in the region.
Minister Saeed said revenue from the initiative is expected to increase further with planned infrastructure developments, including onshore storage facilities and dredging operations to position supply tanks closer to vessels.
“This is not just about bunkering — it is about building a new economic pillar,” he said, adding that the government has prioritised infrastructure expansion to scale up the service.
The government estimates that the bunkering initiative could contribute up to USD 400 million annually to the country’s GDP, positioning the Maldives as a strategic refuelling hub in the Indian Ocean.