STELCO: Current aim to lower fuel dependency

From the annual general meeting of STELCO. (Photo / STELCO)

STELCO has revealed that the company’s current target was reducing dependency on fuel.

The company on Monday held its annual general meeting for 2021. During this, the company's achievements for the year, financials, and future projections were discussed.

During this, STELCO noted that even while working to overcome the economic hurdles that came along with the global pandemic Covid-19, the company was able to remain financially stable.

Additionally, the company said that right now, the aim was reducing operational costs, and make 35 percent of the power generated on the grid to be from renewable resources. Moreover, lowering fuel costs, increasing the use of renewable resources, and experiencing new equipment with renewable energy were included in the plans.

The meeting also saw the presentation of the surplus budget of the company for 2023.

 Some of the significant decisions made by STELCO include expanding business, expanding the sale centre and service centre – using the profits generated to lower electricity traffic and commencing the development of a 70-megawatt powerplant as a sixth power development project to increase electricity capacity.

Speaking at the meeting, the Managing Director of STELCO Ahmed Shareef noted the support and cooperation of President Ibrahim Mohamed Solih in the functioning of the company and expressed his gratitude towards the president for it.