Vitol and STO ink deal to establish international bunkering hub in Maldives
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by Admin
Maldives-based trading company State Trading Organization on Wednesday (13 March) said it has signed a term sheet agreement with energy trader Vitol to establish an international bunkering hub in Ihavandhippolhu atoll, Maldives.
“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,” STO said.
The ceremony was graced by the Minister of Economic Development and Trade H.E Mohamed Saeed.
Ihavandhippolhu atoll, the northmost atoll in the Maldives, is a key area of the government’s strategic plans to diversify the economy.
STO added the area has been designated as the Maldives Economic Gateway and is planned to have an international port, strategic oil terminal and other marine activities.
According to online news platform Maldives Republic, Vitol’s main role is also to ensure the supply of marine fuel required for bunkering services.
The agreement includes the availability of both heavy fuel oil (HFO) and marine gas oil (MGO) needed by the vessels, with the potential for LNG and biofuel to be made available in the near future.
STO will serve as the physical bunker supplier at the Maldives Economic Gateway.
Photo credit: State Trading Organization
Published: 14 March 2024
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