Maldives on Bunkering Map

Economic Minister Mohamed Saeed shared this significant achievement on the social media platform X, providing screenshots from the website to confirm the Maldives' inclusion.

The term sheet agreement between STO and Vitol was formally signed on March 13. As the largest global energy trader, Vitol will market the Maldives as a prominent bunkering hub in the Indian Ocean region and contribute to enhancing the country's technical capabilities in the bunkering industry.

As part of the agreement, an international bunkering facility will be established in Ihavandhippolhu, enabling ships to refuel in the Maldives.

STO's Managing Director, Shimad Ibrahim, has expressed optimism about the project, foreseeing significant economic benefits such as increased foreign currency reserves and job creation.

Ihavandhippolhu holds strategic importance in the Maldivian government's plans for economic diversification, designated as the Maldives Economic Gateway. Development plans for the atoll include the establishment of an international port, a strategic oil terminal, and various marine activities.