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Economic Minister Mohamed Saeed has stated that the Bunkering service in Ihavandhippolhu will begin by the end of July.
Speaking at a meeting with the residents of Ha. Hoarafushi, during President Dr. Mohamed Muizzu’z visit to the 4 nothern atolls, Minister Saeed stated that in two to three weeks, an agreement could be reached with one of the world’s top 10 ranked companies in the world.
Moreover, Saeed stated that they expect to start the business in the next two to three months or by the end of July at the lastest.
The launch of bunkering services will create a lot of jobs and create huge business activities for small and medium enterprises. And with this, the country’s revenue will increase, he added. Furthermore, additional doors will be opened for foreign currency, foreign exchange.
Saeed also stated that Maldives Development Free Zone, a company that has been registered to operate a free zone has been handed over the industrial lagoon in front of Ihavandhipolhu and Hoarafushi Industrial Lagoon and has been converted into the company’s assets. He also highlighted that land reclamation will begin this year as part of the Maldives Economic Gateway Project in Hoarafushi Lagoon.
While Saeed said the bunkering service in Ihavandhippolhu will start in two to three months, the State Trading Organization (STO) in August handed over the contract to Qatar-based UrbaCon Trading and Contracting, one of the largest trading companies in the Middle East to build an oil storage facility in Ihavandhippolhu, the northernmost part of the country. However , the current government had earlier stated that the deal is under review. Saeed did not specify who would be entrusted with the bunkering service within two to three weeks.
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