Maldives has launched International Bunkering Services to provide various services to international ships sailing across Maldives.

The service launched under the President's vision to introduce new economic activities in the Maldives was inaugurated by lawmakers belonging to Haa Alif Atoll during a ceremony held at Haa Alif Hoarafushi.

The ceremony was attended by Economic Minister Mohammed Saeed and heads of the companies participating in the service.

Maldives launched their bunkering service in partnership with Vitol, one of the world's largest energy trading companies. The company already has experience in providing bunkering services in Singapore, UAE, and Mauritius.

STO signed an agreement with Vitol in March this year to provide bunkering services. According to the agreement, Vitol's main responsibility is to supply the fuel needed for the bunkering service to the barge, to promote the Maldives as an international bunkering hub through Vitol's large network, and the STO will become a physical bunker supplier at the Maldives Economic Gateway.

Two ships will be used initially for the bunkering service in the Maldives. They are the 3,258-tonne MT Marine Angel and the 3,929-tonne MT Marine Bella.

The two vessels were acquired jointly by STO and Vitol under the Bareboat Charter concept with full rights for bunkering services within two years.

While Maldives has launched bunkering services, the channel already carries 300 vessels a month across the Maldives to different parts of the world. Even if only one percent of it is served, bunkering services will become a sustainable, profitable industry.