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An agreement has been signed to set up an International Bunkering Facility at Ihavandhippolhu.
The project is being executed by the State Trading Organisation (STO).
STO yesterday signed with Vitol, the world’s largest independent energy trader in the world.
STO Managing Director Shimadh Ibrahim signed the agreement on behalf of STO and Jay Ang, Vitol’s director, signed on behalf of the company.
Minister of Economic Development and Trade Mohamed Saeed presided over the ceremony.
According to STO, under the partnership, Vitol will market Maldives as a bunkering hub in the Indian Ocean and will help develop technical capability in the industry.
Moreover, Minister of Economic Development and Trade Mohamed Saeed had announced on February 24 that the bunkering service at Ihavandhippolhu will start before the end of July.
In August last year, STO handed over the contract to Qatar-based UrbaCon Trading and Contracting (UCC), 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 has reviewed the deal.
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