Shimad Ibrahim, the Managing Director of the State Trade Organization of the Maldives has recently signed a term sheet agreement with Vitol to establish a bunkering hub in Maldives.
This partnership aims to establish an international bunkering hub in Ihavandhippolhu Atoll. Through this collaboration, the Maldives aims to position itself as a prominent bunkering hub in the Indian Ocean, while also enhancing its technical expertise in the industry.
Under the partnership, Vitol will market Maldives as a bunkering hub in the Indian Ocean and will help develop our technical capability in the industry. The ceremony was graced by the Minister of Economic Development and Trade H.E Mohamed Saeed. (2/3) pic.twitter.com/L23QQQY7yR
— STO (@stoplc) March 13, 2024
Ihavandhippolhu Atoll plays a crucial role in the government’s strategic plans to expand the economy’s scope. The area has been designated as the Maldives Economic Gateway and is set to accommodate an international port, strategic oil terminal, and various maritime activities.
