Economic Minister Mohamed Saeed has revealed that the Maldives’ recently launched bunkering service has generated approximately USD 1.5 million in revenue. The announcement was made during the ‘Haftha 52’ programme, which highlights the achievements of the current administration as it completes one year in office.
Speaking on the programme, Minister Saeed underscored that the government is actively pursuing economic diversification beyond the tourism sector, with the international bunkering service launched on 19th September as a key initiative. This move is part of President Dr Mohamed Muizzu’s strategic plan to generate new revenue streams. Saeed noted that despite initial challenges, State Trading Organisation (STO), in collaboration with Dutch firm Vitol, has successfully commenced offshore bunkering operations, using two vessels stationed at Ihavandhippolhu.
The minister further highlighted that the Maldives Economic Gateway project is also advancing, with a contractor already secured for the development of the harbour at Ihavandhippolhu. This project is expected to enhance the country’s capacity to provide maritime services.
In addition to the bunkering initiative, Minister Saeed announced the establishment of an international financing centre as another step towards diversifying the Maldivian economy.
Addressing the nation’s financial challenges, Saeed disclosed that only MVR 65 million of the revenue generated by the country flows into the government, while recurrent expenses amount to MVR 96 million. As a result, the government incurs around MVR 40 million in debt daily, leading to a deficit of approximately USD 2 million per day.
The minister emphasised that this financial imbalance necessitates the implementation of policies like those introduced by President Muizzu to avoid repeating past economic struggles. He pointed out that between 300 and 450 international commercial vessels pass through the northern Maldives channel each year. Capturing even one percent of this traffic for bunkering services could potentially add USD 400 million to the country’s GDP in the first year alone, he projected.
The new bunkering service marks a significant step in the government’s ongoing efforts to tap into maritime opportunities and reduce reliance on the tourism sector, thereby strengthening the Maldives’ economic resilience.
