Malé, Maldives – State Trading Organisation (STO) is gearing up to launch an offshore oil bunkering service in the northern Maldives later this month, marking a significant move to diversify the country’s economy. The service is being introduced in partnership with Vitol, the world’s largest multinational energy and commodity trading company.

This morning, one of the vessels to be used in the service, Mv Marine Angel, arrived at Kulhudhufushi port. Mv Marine Angel is a tanker specifically designed to carry liquid cargo such as fuel or oil, with a capacity of 3,258 tons. The second vessel is expected to reach the Maldives on September 15, 2024, with the official launch of the service scheduled for later in the month.

In addition to fuel, STO’s offshore service will provide water, food supplies, and minor repair services to ships passing through the region. The northern Maldives, located near key international sea routes in the Indian Ocean, offers a strategic location for the new venture. STO, the largest state-owned enterprise in the Maldives, aims to capitalise on this location to expand its business and take advantage of the region’s maritime traffic.

The initiative is also part of the Maldives' broader strategy to diversify its economy, which has traditionally been reliant on tourism and fishing. By investing in offshore bunkering, STO hopes to tap into the lucrative maritime industry and enhance the country’s economic resilience.

As preparations for the service move forward, the Maldives continues to position itself as a key player in the regional maritime economy.