Economic Minister Mohamed Saeed says the international bunkering service launched through the Maldives Economic Gateway has generated a revenue of MVR 923.46 million as of April this year.
At a press conference held today, the Minister said that since the launch of the bunkering service, the number of customers has increased, and the amount of foreign exchange entering the Maldives has been increasing.
According to Minister Saeed, 90 percent of the oil used for this service is imported to the Maldives. In particular, the low-sulfur oil business is expanding and accounts for a large portion of the revenue from bunkering services.
The bunkering services were launched back in September of 2024 after the government brought in a special vessel to provide the offshore service.
Bunkering is the process of supplying fuel (often called bunker) to ships for their own use during propulsion and onboard operations. It is the maritime equivalent of refuelling a car at a petrol station.
