Revenue from the Maldives’ international bunkering service has reached MVR 730 million since its introduction, reflecting a sharp increase in activity in recent months.
Minister of Economic Development and Trade Mohamed Saeed stated that the service, launched in September 2024, had generated the equivalent of USD 47 million as of 31 March. The initiative is operated by State Trading Organization(STO) and Maldives Ports Limited (MPL) in partnership with Swiss-based Vitol.
Based on previously disclosed figures, the pace of revenue generation has accelerated. As of late December 2025, the service had generated MVR 282 million, with a further MVR 24 million recorded shortly after. This indicates that approximately MVR 424 million was generated over the subsequent three-month period.
The increase suggests a scaling up of operations following the initial rollout phase, as the Maldives positions itself within the regional marine fuel supply market.
The government has previously outlined plans to expand the service into a larger revenue stream, with a long-term target of generating USD 400 million annually.
