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CEO and Managing Director of State Trading Organization (STO) Hussain Amru has revealed plans to build an international oil bunkering service and an oil storage facility in Ihavandhippolhu.
Amru made the remarks at the Annual General Meeting (AGM) of STO held at Crossroad Maldives. During the AGM, he briefed the shareholders on the major projects being carried out by STO. Noting that the oil business is the largest business of STO, Amru stated that although the fuel capacity needs to be increased, the fuel terminal of STO in K. Fonadhoo cannot be further expanded. And that the use of oil in the Maldives is increasing, therefore, oil storage capacity needs to be increased.
Moreover, Amru noted that 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, according to Amru, 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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