MVR 2.7 million spent daily on electricity production

State Electric Company (Stelco) has said that MVR 2.7 million is spent daily on buying oil for production of electricity.

Assistant Engineer of Stelco Mohamed Shajeeu said at a seminar organised by Ministry of Environment and Energy today, that Stelco buys 240,000 litres of diesel from State Trading Organisation (STO) daily, supplied from STO’s oil tanks in Funadhoo; of which 230,000 litres are used for the production of electricity.

He said that Stelco’s monthly expenditure on oil stands at MVR 81 million.

Government says 20 to 22 percent of Maldives’ GDP is spent on import of oil.

Minister of Environment and Energy Thorig Ibrahim said earlier the government prioritises projects aimed at reducing the expenditure on oil and increasing energy production through renewable resources.

Speaking at the inauguration of Aspire project a week ago, Thorig said that the government’s target is to facilitate the production of 30 percent of energy required by all islands through renewable resources.