The Maldives’ bunkering service has generated close to MVR 1 billion in revenue since its launch, according to Mohamed Saeed, who highlighted the initiative as a key driver of economic diversification.
Speaking at a press conference held at the President’s Office, the Minister said the offshore service has earned approximately MVR 923.46 million as of April 30, 2026, marking rapid growth since operations began in September 2024.
The bunkering service, operated by State Trading Organization (STO), was introduced as part of broader efforts to expand national income streams beyond traditional sectors. The service is delivered offshore using a specialized vessel, allowing the Maldives to tap into regional fuel supply demand despite the absence of a dedicated physical port.
Minister Saeed noted that demand for the service has steadily increased, contributing to the strong rise in revenue within a relatively short period.
He also pointed out that around 90 percent of the fuel used in the bunkering operation consists of products newly introduced to the Maldivian market. A significant share of the earnings has been generated from Low Sulphur Fuel Oil, which has been imported and sold locally for the first time under this initiative.
The growth of bunkering has also contributed to an overall rise in STO’s financial performance. The company reported revenue of MVR 5.49 billion in the first quarter of 2026, driven largely by expansion in its fuel business. The fuel trade recorded a 27 percent increase compared to the final quarter of the previous year, supported in part by higher global oil prices and increased sales volumes.
According to STO, fuel volumes sold through bunkering rose by 18 million litres in the first quarter compared to the previous quarter, underscoring the growing demand for the service.
The bunkering programme was launched in partnership with Vitol, a firm with extensive international experience in fuel supply operations.
Officials say the government plans to further expand the service as part of its ongoing strategy to diversify the Maldivian economy and strengthen revenue generation in the energy sector.
