President Dr. Mohamed Muizzu has announced plans to develop national strategic oil reserves across three regions of the Maldives, positioning the initiative as a cornerstone of the country’s long-term energy and economic security strategy.
Speaking at a press conference held at the President’s Office, President Muizzu outlined a phased development approach, with each phase expected to span between 18 months and two years. The full project is projected to reach completion within five to six years.
Preliminary research for the National Oil Reserve has already been initiated, with planning and structural frameworks currently under development. The President drew parallels between the proposed reserves and the country’s Sovereign Development Fund, describing the project as a strategic economic safeguard to reduce the nation’s vulnerability to global energy supply disruptions.
On the financial front, President Muizzu estimated that each phase of the project would carry an investment requirement of approximately USD 150 million, placing the total project cost at roughly USD 450 million upon full completion. The government has emphasized that economic feasibility and sustainability will be central considerations throughout every stage of execution.
Further details on the project’s comprehensive plans are expected to be disclosed to the public once the frameworks are formally finalized.