Maldives' Bunkering Project Earns $33M, Aims for $400M GDP Boost

The Maldives has generated approximately $33.3 million in revenue from offshore bunkering services since its launch in September 2024, marking a pivotal step in diversifying the nation's economy beyond tourism. Operated by the State Trading Organisation (STO), the initiative targets the growing maritime fuel market to build a new revenue stream. At a press briefing held at the President's Office, Minister of Economic Development and Trade Mohamed Saeed revealed that the project has delivered 55,000 metric tonnes of fuel and yielded $3.05 million in tax revenue. In partnership with global energy trader Vitol, the service primarily supplies low-sulphur fuel to international vessels navigating the Indian Ocean region. 'This is not just about bunkering — it is about building a new economic pillar,' Minister Saeed stated. He emphasized that revenue is expected to rise with planned infrastructure developments, including onshore storage facilities and dredging operations to position supply tanks closer to vessels, with the government prioritizing these expansions to scale up the service. The government estimates that the bunkering initiative could contribute up to $400 million annually to the Maldives' GDP, positioning the country as a strategic refuelling hub. This effort underscores broader economic strategies to reduce reliance on traditional sectors and create sustainable growth through maritime services.