STO awarded Ihavandhippolhu Bunkering Facility Development Project to contractor

Under the Port City Development Project planned at Ihavandhippolhu, contractor has been awarded to develop a Bunkering Facility.

State Trading Organization (STO) awarded the project to Qatar-based UrbaCon Trading and Contracting, one of the largest trading companies in the Middle East. The agreement was signed at a ceremony held in Kurumba Maldives. CEO of UrbaCon signed the agreement on behalf of company and on behalf of STO Managing Director Abdulla Saeed signed the agreement.

One of the key components of the Port City planned to be developed at Ihavandhippolhu is the construction of a national strategic reserve for oil and the launch of international bunkering services. In this regard, the MoU was signed to carry out the project in collaboration with STO and UrbaCon to conduct feasibility studies for the development of bunkering and national oil reserves.

Moreover, more than 300 vessels travel near the north of the Maldives every day. However, there are not is not much that can be done to service the vessels in the area. Therefore, company’s intention is to go to international bunkering with strategic storage.

In addition, the storage would be built as a floating storage. And the project will bring a major change to the Maldivian economy.

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Ibrahim Yaafiu

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