State Trading Organization (STO) has received the not to start international bunkering services, confirmed its Managing Director Abdulla Saeed.
Saeed made the revelation during the company’s recently Annual General Meeting. With this move, the largest state-owned enterprise (SOE) in the Maldives eyes to expand its operations and increase its revenue streams.
The enterprise is currently working on establishing an oil storage facility in Ihavandhippolhu, which will facilitate the bunkering services.
Saeed further said that preparations are already underway to commence the bunkering service with the support of a foreign consultant.
“We are in the process of starting international bunkering,” said Saeed. “The regulatory work for international bunkering is nearly complete.
Both STO Singapore and the Maldives National Oil Company (MNOC) will be reactivated to facilitate the international fueling operations.
The corporation is also planning to establish overseas oil storage facilities to completing its bunkering service. Saeed said that the facility is constructed in the United Arab Emirates (UAE).