A bunkering project planned at Ihavandhippolhu for refuelling and servicing foreign cargo ships will begin in the next two or three weeks, Economic Development Minister Mohamed Saeed said on Saturday.
Speaking at a function held in Haa Alif Hoarafushi during a tour of four northern atolls that President Dr. Mohamed Muizzu commenced yesterday, Saeed said bunkering could start at Ihavandhippolhu before the end of July.
"This region will enter bunkering services with one of the strongest companies in the world's top 10, God willing, within two or three weeks. When it reaches that point, in the next two or three months, we are hoping that the business could begin here before the end of July," Saeed said.
The Ihavandhippolhu bunkering project was awarded to Qatar's UrbaCon Trading & Contracting Company. The Qatari company - which developed the Waldorf Astoria Ithaafushi, one of the most high-end resorts in the Maldives, on a design and build basis - is one of the most prominent construction companies in the Middle East.
The launch of bunkering services would create business opportunities for small and medium enterprises and help grow state revenue, Saeed said. The project would also open up a major avenue for the country to earn foreign currency, he said.
In addition, land reclamation for the "Maldives Economic Gateway" project in the Hoarafushi lagoon would also begin this year, he said.
"We are talking to a European bank to secure financing for that. God willing, we can see progress in that," Saeed said.
According to information previously provided by the State Trading Organization (STO) about the bunkering project, the northernmost atoll of Ihavandhippolhu lies on the main shipping lane for financial transactions between east and west in the Indian Ocean. More than 300 large cargo boats pass through the channel every day.
