Fenaka has paid MVR 1 billion out of the debt it owes to STO.

Speaking at STO's Annual General Meeting for the past year, held last night at "Dusit D2 Feydhoo Maldives", the company's CEO and Managing Director Shimad Ibrahim said that the non-receipt of funds owed by Fenaka has been a matter of concern for shareholders every year.

However, he stated that through collaborative efforts with President Dr. Mohamed Muizzu, the President's Office, and the Ministry of Finance, MVR 1 billion out of the amount owed by Fenaka has now been received by STO.

The debt Fenaka owes to STO is for oil purchased from the company. According to STO, Fenaka had an outstanding balance of MVR 1.9 billion owed to STO.

STO has stated that the company had not received any payments for oil from Fenaka since 2021.

Although Fenaka had not paid STO for the oil supplied to Fenaka Corporation, STO had previously stated that it would continue to supply oil without interruption, as the oil is used for power generation, which is an essential basic service for the citizens.