Economic minister fails to disclose revenue from Ihavandhippolhu bunkering project
Saeed reported MVR 192,149,939 in bunkering revenue but failed to clarify if this was specifically from Ihavandhippolhu operations
Economic Minister Mohamed Saeed speaking at a parliamentary sitting
Minister of Economic Development and Trade Mohamed Saeed has failed to provide a clear answer on the revenue generated from the bunkering operation in Ihavandhippolhu, instead diverting to unrelated aspects of the project during Tuesday’s sitting of the People’s Majlis.
The minister was responding to a question from MP for Kanditheemu constituency Ameen Faisal, who asked how many foreign vessels had been serviced by the Ihavandhippolhu bunkering facility, the total net revenue generated after expenses, and when the previously projected USD 400 million in annual revenue would be achieved at the current rate of income.
However, Minister Saeed avoided directly addressing these points. He stated that as of Monday, bunkering services had generated MVR 192,149,939 in revenue, with MVR 17 million collected as tax.
Saeed’s response appeared to be structured in a way that could mislead. While his remarks suggested that international bunkering operations began under the current administration, such services have existed in the Maldives for many years. Alongside State Trading Organization (STO), several private companies have long been engaged in bunkering operations, primarily in the Greater Malé Region (GMR).
It is therefore unclear whether the revenue figures shared by Saeed represent total national earnings from bunkering or revenue specifically from Ihavandhippolhu. MP Ameen’s question had explicitly sought data from the Ihavandhippolhu facility.
Saeed had previously claimed that bunkering in Ihavandhippolhu would generate USD 400 million annually, but he has since backtracked on that projection. The government had also announced plans to introduce 14 additional services, such as ship-to-ship transfers and crew change operations, alongside bunkering. Yet, when asked for an update on these services, the minister again failed to respond.
Officials at various levels of the government have continued to speak publicly about bunkering in ways that appear to misrepresent the actual state of operations. The Ihavandhippolhu bunkering service, inaugurated on 19 September 2024, has reportedly faced multiple interruptions, with local residents confirming that the service has been suspended for extended periods.
