Three additional oil storage tanks to be placed in Funadhoo

State Trading Organisation (STO) has announced its plan to place three additional oil storage tanks in Kaafu Funadhoo.

Managing Director of STO Adam Azim said that the Maldives’ oil storage capacity needs to be increased.

“We are planning to place three more tanks in Funadhoo. If the oil reserve continues to decline at the present rate, we might face difficulties later. We’re planning to prepare for that,” he said.

Azim said that the tanks will be in place in about three months.

He further said that efforts are ongoing to strengthen security measures in Funadhoo, which will include putting up a fence around the island.

Efforts will also begin soon, Azim said, to facilitate bigger vessels to enter the harbour.

“Right now the harbour can take up to about 8,000 ton vessels. We want to increase it to about 15,000 or 16,000 ton vessels,” he said.

The investment in Funadhoo is presently worth $30 million.