International Fuel Farm to be relocated to Ihavandhippolhu

Economic Minister Mohamed Saeed speaks at a signing ceremony between STO and Vitol for the International Bunkering Project at Ihavandhippolhu. (Photo/STO)

Economic Minister Mohamed Saeed states the International Fuel Farm presently located in Thilafushi will be relocated to Ihavandhippolhu.

The Minister announced the relocation plans while speaking at the ceremony held on Wednesday to sign the agreement pertaining to the International Bunkering Project in Ihavandhippolhu between State Trading Organization (STO) and Netherlands’ based Vitol.

He also noted that there were several projects which the administration wished to commence in Ihavandhippolhu such as shipping repair and maintenance under boat services and reexporting. Minister Saeed also said the administration plans to transform the current Hoarafushi Airport to an international airport which would ease cargo services.

Speaking further, Minister Saeed said a newly developed 33-kilometer lagoon in the Maldives has been allocated as an asset of the Maldives Industrial Development Freezone.

Ihavandhippolhu project is a highly prioritized project by the current administration; a project that had been announced by former president Abdulla Yameen Abdul Gayyoom during administration.

President Dr. Mohamed Muizzu, while speaking at the launch of a mega project to develop the Velana International Airport (VIA) on January 4, announced plans to relocate the fuel storage tanks in Funadhoo.

Speaking at a later press briefing, Abdulla Nazim, the public policy secretary at the President’s Office, said that the cabinet decided to relocate Funadhoo fuel farm Maagiri Falhu near Thilafushi.

He said that Funadhoo would be developed as a financial hub, with financial centers, conventions centers and hotels following the relocation.