Bunkering Will Not be Profitable for the Maldives: Ex-President Yameen

Former President Abdulla Yameen said at a People's National Front (PNF) rally that the bunkering service launched at Haa Alifu (HA.) Atoll will not be profitable for the Maldives. Ahmed Fayaz Ali Riza, a senior PNF member and former MNDF commander, criticized the venture as 'theft and fraud.' Riza compared Vitol's sales (12.7 million metric tonnes annually) to top bunkering company Bunkering Holding (25 million tonnes, $200M in 2023), questioning how the Maldives could expect $400M annually. Yameen added that Vitol will sell its own fuel and take 90-95% of profits, leaving 5% for the Maldives, which after expenses yields little, and after seven years the vessel becomes scrap.

Former President Abdulla Yameen said at a People's National Front (PNF) rally that the bunkering service launched at Haa Alifu (HA.) Atoll will not be profitable for the Maldives. Ahmed Fayaz Ali Riza, a senior PNF member and former MNDF commander, criticized the venture as 'theft and fraud.' Riza compared Vitol's sales (12.7 million metric tonnes annually) to top bunkering company Bunkering Holding (25 million tonnes, $200M in 2023), questioning how the Maldives could expect $400M annually. Yameen added that Vitol will sell its own fuel and take 90-95% of profits, leaving 5% for the Maldives, which after expenses yields little, and after seven years the vessel becomes scrap.

Former President Abdulla Yameen said at a People's National Front (PNF) rally that the bunkering service launched at Haa Alifu (HA.) Atoll will not be profitable for the Maldives. Ahmed Fayaz Ali Riza, a senior PNF member and former MNDF commander, criticized the venture as 'theft and fraud.' Riza compared Vitol's sales (12.7 million metric tonnes annually) to top bunkering company Bunkering Holding (25 million tonnes, $200M in 2023), questioning how the Maldives could expect $400M annually. Yameen added that Vitol will sell its own fuel and take 90-95% of profits, leaving 5% for the Maldives, which after expenses yields little, and after seven years the vessel becomes scrap.

This story involves 1 source and may affect public understanding of profitability / politics.