Maldives to Launch Bunkering Services in Ihavandhippolhu by End of July

The Maldivian government announced the launch of bunkering services in Ihavandhippolhu, Haa Alifu Atoll, by the end of July. This is part of the Maldives Economic Gateway project. Economic Development Minister Mohamed Saeed stated that negotiations are underway with a top global company to operate the facility. The project was initiated by the previous government in August 2023 when the State Trading Organization (STO) signed an agreement with Qatar's Urbacon Trading and Contracting (UTC) for fuel storage and bunkering, and for a national strategic oil reserve. Additionally, Hoarafushi and Ihavandhippolhu are part of the newly established Maldives Industrial Development Freezone Company. Land reclamation in Hoarafushi lagoon is planned with funding from a European bank. A development bank is expected to be established by year-end.

The Maldivian government announced the launch of bunkering services in Ihavandhippolhu, Haa Alifu Atoll, by the end of July. This is part of the Maldives Economic Gateway project. Economic Development Minister Mohamed Saeed stated that negotiations are underway with a top global company to operate the facility. The project was initiated by the previous government in August 2023 when the State Trading Organization (STO) signed an agreement with Qatar's Urbacon Trading and Contracting (UTC) for fuel storage and bunkering, and for a national strategic oil reserve. Additionally, Hoarafushi and Ihavandhippolhu are part of the newly established Maldives Industrial Development Freezone Company. Land reclamation in Hoarafushi lagoon is planned with funding from a European bank. A development bank is expected to be established by year-end.

The Maldivian government announced the launch of bunkering services in Ihavandhippolhu, Haa Alifu Atoll, by the end of July. This is part of the Maldives Economic Gateway project. Economic Development Minister Mohamed Saeed stated that negotiations are underway with a top global company to operate the facility. The project was initiated by the previous government in August 2023 when the State Trading Organization (STO) signed an agreement with Qatar's Urbacon Trading and Contracting (UTC) for fuel storage and bunkering, and for a national strategic oil reserve. Additionally, Hoarafushi and Ihavandhippolhu are part of the newly established Maldives Industrial Development Freezone Company. Land reclamation in Hoarafushi lagoon is planned with funding from a European bank. A development bank is expected to be established by year-end.

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