President Dr. Mohamed Muizzu says the National Fuel Reserve, to be formed in three different regions of the country, would be developed in three phases.
Speaking to members of the media today at his office, President Muizzu said that it is vital for the Maldives to have an oil reserve and that the government plans to develop the reserve in three different regions of the country.
He added that this reserve would be developed in three phases.
The President said that the government would have to spend USD 150 million on each phase and that the project would take around 4 to 5 years.
He further said that the government would work to find the funds required for the project and also carry out studies and research to determine whether holding oil reserves in the Maldives would be sustainable.
The government announced that it would be establishing an oil reserve in three different regions that would also allow the country to store one year's stock of oil.
This comes amid mounting concern that oil prices would skyrocket in the coming days due to the current war in the Middle East.
