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STO partners with Vitol for Ihavandhippolhu bunkering service

Wednesday, 13 Mar 2024 02:38 PM

Our Managing Director Mr. Shimad Ibrahim signed a term sheet agreement on partnership with the largest energy trader Vitol to establish an international bunkering hub in Ihavandhippolhu atoll. Under the partnership, Vitol will market Maldives as a bunkering hub in the Indian Ocean and will help develop our technical capability in the industry. Ihavandhippolhu atoll is a key area of the government's strategic plans to diversify the economy. The area has been designated as the Maldives Economic Gateway and is planned to have an international port, strategic oil terminal and other maritime activities.