STO, Vitol Group Sign Agreement on Ihavandhippolhu International Bunkering Hub Project

The State Trading Organization (STO) and the Vitol Group signed a term sheet agreement on 13 March 2024 to establish an international bunkering facility in Ihavandhippolhu Atoll, the northernmost atoll of the Maldives, as part of the Maldives Economic Gateway Project. The agreement was witnessed by Minister of Economic Development and Trade Mohamed Saeed and signed by STO Managing Director Shimad Ibrahim and Vitol Director Jay Ng. Vitol, a multinational energy trader, will leverage its network to position the Maldives as a strategic bunkering hub and contribute to technical capability development. STO will serve as the physical bunker supplier. The government has identified Ihavandhippolhu Atoll as a key area for economic diversification, with plans for an international port, strategic oil terminal, and other maritime activities.

The State Trading Organization (STO) and the Vitol Group signed a term sheet agreement on 13 March 2024 to establish an international bunkering facility in Ihavandhippolhu Atoll, the northernmost atoll of the Maldives, as part of the Maldives Economic Gateway Project. The agreement was witnessed by Minister of Economic Development and Trade Mohamed Saeed and signed by STO Managing Director Shimad Ibrahim and Vitol Director Jay Ng. Vitol, a multinational energy trader, will leverage its network to position the Maldives as a strategic bunkering hub and contribute to technical capability development. STO will serve as the physical bunker supplier. The government has identified Ihavandhippolhu Atoll as a key area for economic diversification, with plans for an international port, strategic oil terminal, and other maritime activities.

The State Trading Organization (STO) and the Vitol Group signed a term sheet agreement on 13 March 2024 to establish an international bunkering facility in Ihavandhippolhu Atoll, the northernmost atoll of the Maldives, as part of the Maldives Economic Gateway Project. The agreement was witnessed by Minister of Economic Development and Trade Mohamed Saeed and signed by STO Managing Director Shimad Ibrahim and Vitol Director Jay Ng. Vitol, a multinational energy trader, will leverage its network to position the Maldives as a strategic bunkering hub and contribute to technical capability development. STO will serve as the physical bunker supplier. The government has identified Ihavandhippolhu Atoll as a key area for economic diversification, with plans for an international port, strategic oil terminal, and other maritime activities.

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