STO to acquire 16,000-ton oil tanker

Government’s main wholesale and retail arm, State Trading Organization (STO) has announced plans to acquire a 16,000-ton petroleum tanker.

Managing Director of STO Adam Azim said the company will publish the tender offer soon and that the project will cost the company $12 million.

“We understand that energy must be guaranteed for the people. The extra tanker will serve to provide that guarantee,” Adam Azim said.

He said STO also has plans to expand its harbour in Kaafu Funadhoo, one of its main fuel storage facilities.

“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.

STO on Sunday announced plans to place three additional oil storage tanks in Funadhoo.