Economic Minister Mohamed Saeed has announced that the Maldives has generated MVR 730 million from its bunkering service initiative so far.

Speaking at a press conference at the President’s Office, the minister said the revenue was recorded by the end of March, despite criticism of the project. He added that the bunkering initiative is projected to bring in an annual revenue of USD 400 million.

Offshore bunkering services are currently carried out in the Ihavandhippolhu zone in collaboration with Maldives Ports Limited (MPL), with fuel supplied directly to vessels by the State Trading Organization (STO).