The Maldives' bunkering service has generated approximately MVR 923.46 million in revenue as of April 30, 2026, since operations began in September 2024, according to Minister Mohamed Saeed. State Trading Organization reported revenue of MVR 5.49 billion in the first quarter of 2026, with fuel trade up 27 percent compared to the previous quarter.
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the offshore service has earned approximately MVR 923.46 million as of April 30, 2026, marking rapid growth since operations began in September 2024
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around 90 percent of the fuel used in the bunkering operation consists of products newly introduced to the Maldivian market
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The company reported revenue of MVR 5.49 billion in the first quarter of 2026, driven largely by expansion in its fuel business.
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The fuel trade recorded a 27 percent increase compared to the final quarter of the previous year, supported in part by higher global oil prices and increased sales volumes.
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According to STO, fuel volumes sold through bunkering rose by 18 million litres in the first quarter compared to the previous quarter, underscoring the growing demand for the service.
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Speaking at a press conference held at the President's Office, the Minister said the offshore service has earned approximately MVR 923.46 million as of April 30, 2026
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marking rapid growth since operations began in September 2024
Word for word from the report in The Standard. Open the report