The Managing Director of State Trading Organization STO Shimad Ibrahim says bunkering services would be the biggest investment that would take the company's business to the next level and that STO is aiming to kick off the services mid-year.
Bunkering is the supplying of fuel for use by ships including the logistics of loading and distributing the fuel among available shipboard tanks.
Shimad clarified that as STO works to begin bunkering services in Maldives, it has already received permission for the expansion.
Noting that STO's main mode of business was selling oil sales, Shimad said that STO was already selling diesel, petrol, and aviation fuel.
He added that bunkering would take the company to new heights.
Shimad also said that with bunkering services, the Maldives can take advantage of its location and enter the oil re-export sector. He said that STO can work to sell more types of oil including fuel oil and others.
The Managing Director of STO said that STO has already kicked off preparations for operations of bunkering and that it is compiling the legal framework and technical feasibility of such a mechanism.
