State Trading Organisation (STO) signed an MoU with a Middle East company to build a bunkering facility in Ihavandhippolhu, the northernmost atoll of the Maldives. The MoU was signed last Thursday in a ceremony held in Kurumba Maldives resort. The signing was carried out by Managing Director Abdulla Saeed representing STO. While CEO of UrbaCon Trading and Contracting (UCC), Mohamed Sabri from Qatar.
According to the MoU, UCC is to construct a bunkering facility in the port city. UCC will also develop facilities to increase Maldive’s oil reserves. These are the two main parts of the port city.
Speaking at the ceremony Minister of Economic Development Fayyaz Ismail said that there were delays in launching international transhipment port. And htus the benefits of the port.He also mentioned what would happen if the dream of Ihavandhippolhu became a reality. Saying, “Our vision is to make the north of Maldives an economic hub,”
Ihavandhippolhu is geographically located in the principal east and west shipping lanes of the Indian Ocean. Next to one of the busiest maritime routes in the world. According to data, over 300 cargo ships cross the route daily. The project will benefit the Maldives with the advantages of the maritime journeys of these vessels.
With the worldwide bunkering sector at $150 billion, this project aims to introduce bunkering services in this region. It will also improve the country’s maritime industry. These include various aspects such as shipping agency responsibilities, crew rotations, vessel shifts and maintenance. Furthermore, it will also benefit ships worldwide crossing the route.
Qatar’s UCC a global branch of UCC is a capable company that can help start banking services in the Maldives. The company completed the development of one of the most expensive resorts Waldorf Astoria Ithaafushi Resort.
