STO’s bunkering service has generated close to MVR 1 billion in revenue since its launch, marking a significant expansion in the Maldives’ fuel services sector and adding a new revenue stream outside the company’s traditional domestic oil supply operations.
Minister of Economic Development, Transport and Trade Mohamed Saeed said at a media briefing held at the President’s Office that the service had generated MVR 923.46 million by the end of April. He stated that the revenue was not linked to oil normally imported for domestic use in the Maldives, but to a newer segment of fuel supply activity connected to bunkering.
According to Minister Saeed, around 85 to 90 percent of the oil used for the bunkering service is a new type of oil being brought into the Maldives for this purpose. He said the service had previously been carried out in the Maldives by vessels operating from countries such as Sri Lanka and other neighbouring states, while Maldivian operators are now directly involved in the activity.
Minister Saeed said the state had received MVR 58.93 million from the bunkering service over the past two years. The figures suggest that the service is beginning to contribute to public revenue while also expanding STO’s commercial operations.
The growth of bunkering was also reflected in STO’s first-quarter financial report for this year, published last month. The company stated that the service recorded notable growth during the quarter and contributed to the increase in profit.
According to STO’s report, the company sold 18 million litres, or 113,216.6 barrels, more oil in the first quarter than in the final quarter of last year. The increase in oil sales was among the main factors behind the company’s higher revenue during the period.
STO also noted that both higher global oil prices and increased sales volumes contributed to revenue growth. Oil prices have risen in the international market amid the conflict in the Middle East, leading STO to raise the prices of oil it sells. The company’s report showed that the volume of oil sold increased by 27 percent in the first quarter compared with the previous quarter.
The expansion of bunkering points to the government’s wider effort to develop the Maldives as a service point for maritime fuel supply. While the sector remains at an early stage, the revenue figures indicate that bunkering is becoming a more visible part of STO’s business mix and could play a larger role in the country’s trade and logistics activity if supported by further infrastructure development.
