The bunkering service launched Thursday at Haa Alifu (HA.) Atoll will not generate profits for the Maldives, former President Abdulla Yameen Abdul Gayoom has said. The former President was speaking at a People’s National Front (PNF) rally on Thursday evening.
During the rally, Ahmed Fayaz Ali Riza, who had previously served as the Malé Area Commander at the Maldives National Defence Force (MNDF) and now a senior member of the PNF, heavily criticised the venture.
During a presentation at the rally, Riza characterised the venture as a front for “theft and fraud.”
In his presentation, Riza contended that Vitol is fifth on the list of the world’s top 10 bunkering service provider companies, noting that while Bunkering Holding, which tops the list, sells 25 million metric tonnes of fuel annually, Vitol sells 12.7 million metric tonnes annually.
“If they sell 25 million metric tons of fuel, they [Bunkering Holding] will get US$200 million in 2023… then how will they [the Maldives’ bunkering project] get US$400 million? This is hugely deceiving the public. This is corruption,” Riza said, going on to claim that the administration had earlier confirmed that the Maldives stands to receive US$400 million within a month of the service being launched. Administration sources had earlier stated that the Maldives could stand to make up to US$400 million annually once services launch.
Yameen contributed to Riza’s presentation throughout the rally by offering questions and clarification.
According to Yameen, Vitol will provide bunkering services in the Maldives by selling their own fuel and not fuel provided by the Maldives or STO.
“It’s Vitol fuel, they’ll take 90 to 95 percent [of profits]. If they get US$100 million, five percent of it which is, $5 million [might come to the Maldives]… Out of that US$5 million, we have to pay for the tugboat, the rent, and services. So how is that profitable? Then, seven years later, when we get to own the vessel, it’s scrap metal,” Yameen said.