President Dr. Mohamed Muizzu has revealed that the practical work of setting up the bunkering facility in Ihavandhippolhu will start next month.

Speaking at the 59th Independence Day celebrations held at the Social Center last night, the President said much work is being done to expand the economy. As such, international bunkering services will be launched in the Maldives for the first time.

The President said the bunkering service would add USD 400 million to the Maldivian GDP in the first year. According to him, this will in turn reduce debts.

Vitol Group, the world's largest energy company, was awarded the contract on March 13 to set up a bunkering facility in Ihavandhippolhu.

Accordingly, the main responsibility of Vitol in the agreement is to supply fuel to the barge which will be located in Ihavandhippolhu for bunkering services and to promote the Maldives as an international bunkering hub as part of Vitol's extensive network. STO will become the physical bunker supplier at the Maldives Economic Gateway.

STO said the bunkering facility in Ihavandhippolhu will supply heavy fuel, oil, and marine gas oil for ships, and if there is demand, LNG and biofuel will be sold in the future.

Vitol Group is the third largest provider of bunkering services in the world. The company sells 12 million tonnes of oil as bunker fuel annually, and Vitol is the largest physical bunker supplier in the Middle East and one of the largest bio-marine fuel suppliers in Singapore.