The Managing Director of State Trading Organization (STO), Mr. Hussain Amru revealed the company’s plan to establish oil storage units and an international oil bunkering operation at the northern tip of the country.
According to the largest state-owned enterprise’s MD, the international oil bunker operation will be established on the island of Haa Alif Ihavandhippolhu.
Mr. Amru noted that the island lay closest to the route taken by international freight liners, cargo ships and other vessels. He estimated that over 300 vessels traveled through the area on a daily basis.
Speaking about the importance of introducing a bunker operation, Mr. Amru pointed out to the lack facilities and services in the area to cater to these large vessels in terms of fuel supply and maintenance pit-stops.
He further highlighted on the economic prospects such an initiative will have on the island nation, noting that the improved oil imports to the Maldives will significant bring down the market price of fuel for local consumers as well.
Moreover, an international oil bunker operation will pave way for it becoming a major economic segment in the Maldives, strong enough to compete the country’s strongest economic sector; tourism industry.