Economic Minister Mohamed Saeed says the international bunkering service launched through the Maldives Economic Gateway has generated a revenue of USD 12 million so far.
He made these remarks while answering questions from the MP for Galolhu South Constituency, Meekail Naseem, earlier today in parliament.
Noting that the bunkering services were launched in September 2024, Minister Saeed said that it had generated USD 12 million in revenue.
The Minister said that MVR 17,360,589.10 has been paid as taxes.
He said that out of these, 83 percent are low-sulfur fuel, which has not been brought to the Maldives.
The banking service will generate $400 million a year, he said before the service was launched.
STO MD Shimad Ibrahim, who is working to supply oil to ships under the bunkering service, said he believes that the bunkering service will be a very important industry given the location of the Maldives.
