The State Trading Organization (STO) announced that it will begin offshore bunkering services by the end of the month.
When initially announced that the state-owned enterprise (SOE) would be expanding its ventures to include bunkering, services were touted to launch in February. The launch was then pushed back to July when it was again delayed until August.
According to Minister of Economic Development and Trade Mohamed Saeed, the proposed August launch date had not been met as bad weather had delayed the arrival of two vessels essential for service deployment. The launch was then rescheduled for today, 12 September.
However, when asked, STO said that services would not begin immediately and that they now expected to launch on 20 September.
Meanwhile, one of the two vessels needed for the operation has arrived in the Maldives.
The second vessel, according to vessel tracking information, is currently southeast of Sri Lanka and expected to arrive and dock in the Maldives on Wednesday night.
While an STO media official confirmed that the launch had been delayed, they also stated that all related works have now been completed and that the bunkering service is part of the Maldives Economic Gateway Project.
Although STO is set to run the bunkering services, Maldives Ports Limited (MPL) has been tasked with carrying out the essential work at Uligan Island in Haa Alifu (HA.) Atoll before the service is launched.
Uligan is expected to house facilities for the army, immigration, customs, and port health personnel; construction of which were completed last month, according to MPL.
Vitol, a Switzerland-based Dutch multinational energy company with a proven track record in the sector, is set to provide bunkers and tugs, which will be supplied with fuel by STO. Vitol, shortly upon signing a term sheet with STO, updated their bunkers map to include the Maldives.
STO will initially deploy two 4,000 metric tonne bunkers, sources say.
According to the Mohamed Muizzu administration, starting next year, bunkering services will bring in US$400 million into the Maldives annually.
