Finance Minister Moosa Zameer has announced plans to develop two lagoons in the Greater Malé Region to establish long-term oil storage facilities.

Speaking at a press conference, Zameer said the project is being carried out jointly by the Ministry of Finance, the Ministry of Economic Development, and the State Trading Organization (STO). Surveys of the selected lagoons are set to begin next week, with feasibility, design, and funding plans already prepared.

President Dr Mohamed Muizzu had stated that the proposal will be submitted to the Attorney General’s Office. The government aims to build fuel reserves sufficient for one year, with the project planned over five years and the first phase expected within two years.

Zameer noted that the Maldives could also explore leasing surplus oil stocks, given its strategic location in the Indian Ocean.

Currently, national fuel storage is based in Funadhoo near Malé, with limited capacity for diesel and petrol. The STO is also working to expand jet fuel supply to airports across the country.