The State Trading Organization (STO) and Maldives Ports Limited (MPL) signed a memorandum of understanding (MoU) on Thursday towards the commencement of the international bunkering services at Ihavandhippolhu in September 2024.
The two state-owned enterprises (SOEs) signed the agreement on Thursday afternoon for the provision of maritime and OPL services at Ihavandhippolhu region, signed between MPL Chief Executive Officer Mohamed Wajeeh Ibrahim and STO Managing Director Shimad Ibrahim.
The government has been gearing up to launch the ambitious bunkering service in the Maldives, that is aimed to bump the country’s GDP by USD 400 million according to the Minister of Economic Development and Trade Mohamed Saeed earlier.
At the signing ceremony, Shimad said the services will initially begin with two barges with a capacity of 4,000 tons each.
The government first decided on launching bunkering services in July this year, but a pilot boat and a tug boat were commissioned and brought to the Maldives earlier in August.
While the government is preparing to launch bunkering service, which is touted as the next largest industry for the Maldives, the state has already announced seeking interested parties to develop a yacht marina in Haa Alifu Ihavandhoo.