STO: Project in Funadhoo would cost MVR 35 million

Public company State Trading Organization STO has said that the development project in the fuel storing island of Funadhoo would cost MVR 35 million.

Speaking on Sun TV’s 50 Minute program, Managing Director of STO, Ahmed Shaheer said that the MVR 35 million would not just be to buy the fuel tanks.

He said that it would be to build the storage, improve the bathing and Funadhoo Fire and Safety along with the buying of the new tank.

Shaheer said that the main business of the company is the sale of fuel and the company is currently working to build the infrastructure, manpower and logistics for the main business. He said that the business can be grown day by day with the development of the main business.

Managing Director of STO said that all the information has been collected on the fuel tanker being imported and the purchase would be made in the next three months.