MVR 424mn generated from bunkering in last three months, according to economic minister

The bunkering service launched by the Maldivian administration in 2024 has generated MVR 730 million or USD 47 million to date, according to Economic Minister Mohamed Saeed.

Bunkering services launched in the Maldives on September 19, 2024. The service is run by the State Trading Organization (STO) and Maldives Ports Limited (MPL) in partnership with Swiss-based Vitol.

At a press briefing on Wednesday, Saeed told reporters that the service generated MVR 730 million or USD 47 million as of March 31.

“The information I have is that MVR 730 million has been generated since international bunkering services launched,” said Saeed, without providing any details.

Back on December 25, 2025, Saeed said the bunkering service had generated MVR 282 million in revenue and another MVR 24 million in revenue to date.

This means that the service generated MVR 424 million in the last three months – marking a significant increase in revenue from the service.

Saeed had previously said the administration plans to gradually develop the service to one that generates USD 400 million in revenues annually.