Minister: Bunkering service profitable, evident from STO records

The bunkering service launched by the Maldivian administration last year is profitable, and has already generated a good amount of revenue, says Economic Minister Mohamed Saeed.

He made the remarks in response to questions by reporters during a press conference he hosted from the President’s Office on Monday afternoon.

Saeed noted that bunkering is a multi-billion-dollar industry in the world. He said that the service launched in the Maldives in September last year with a plan to gradually develop it and generate around MVR 400 million in profit.

He said that the administration did not wait to build a port but launched offshore bunkering services because they did not want to make excuses and delay the project.

“So, god willing, we are reaping profit from what we started,” he said.

Saeed said that details regarding the revenue earned from bunkering is available with the State Trading Organization (STO).

But he said the authorities may not be able to provide daily updates regarding revenue generated from bunkering.

Saeed said that developing the bunkering facilities to international standards “might be easy to say, but is an enormous undertaking.”

He said that the administration is already working on developing the facilities, adding that the administration will seek foreign investment if funding isn’t available in the domestic market.

Bunkering services launched in the Maldives on September 19, 2024. The service is run by the STO in partnership with Swiss-based Vitol.

In November 2024, Saeed said the state had already earned USD 1.5 million in revenue from bunkering.