STO refuses to disclose costs of vessels and Vitol offshore bunkering deal
23 އޯގަސްޓު 2026 | އާދީއްތަ 10:55State Trading Organization (STO) has refused to disclose the costs associated with the two vessels acquired for bunkering services in Ihavandhippolhu and the details of its agreement with Vitol, citing the protection of trade secrets. RaajjeTV, which filed the initial information request, has now decided to appeal the decision at the Information Commissioner’s Office.
From the signing ceremony with Vitol Group to launch bunkering services in Ihavandhippolhu. | fayaz moosa
State Trading Organization (STO) has refused to disclose the total expenditure on the two vessels acquired for offshore bunkering services in Ihavandhippolhu, as well as the payments made under its agreement with Vitol, citing the involvement of third-party interests.
STO refused to disclose this information, citing that it involves the "interests of a third party."
The administration of President Muizzu officially launched international bunkering services in Ihavandhippolhu on September 19, 2024, as part of the Maldives Economic Gateway project. According to information released at the time, the offshore bunkering service is being operated using two vessels: the 3,258-tonne MT Marine Angel and the 3,929-tonne MT Marine Bella. These vessels were reportedly acquired under a charter-to-own agreement, with full ownership expected within two years. Additionally, the State Trading Organization (STO) signed a strategic partnership agreement with global energy trader Vitol on March 13, 2024, to facilitate the operation.
In relation to this matter, RaajjeTV has sought information regarding the total amount paid to date for the two vessels, the scheduled date for the transfer of ownership, and the total expenditure required to complete the acquisition. Additionally, the news outlet requested details on the total payments made by the Maldivian state under the agreement with Vitol.
Despite President Dr. Mohamed Muizzu assuming office with a pledge of total transparency, the state-owned State Trading Organization (STO) has refused to disclose information, stating it does not believe the requested details are subject to public release.
While the government continues to conceal the status of public funds under various pretexts, President Muizzu emphasized the necessity of working together with sincerity, integrity, and accountability. Speaking on August 5th in Ukulhas at the closing of the Small Island Developing States (SIDS) Supreme Audit Institutions Symposium and the opening of the INTOSAI Development Initiative Global Summit, the President stated that all parties must remain committed to transparent principles.
The President stated that every dollar contributed by citizens to the state treasury, as well as every dollar provided by development partners, must be utilized specifically for its intended purpose. President Muizzu further emphasized the necessity of responsible financial management and the implementation of transparent practices. He noted that robust institutions form the foundation of true resilience, adding that such resilience can only be sustained through the public's trust in the government.
STO stated that disclosing the requested information would negatively impact the company's commercial operations, as the data constitutes a trade secret.
RaajjeTV stated that expenditures made using public funds cannot be kept secret and must be disclosed. Expressing dissatisfaction with the response provided by STO, the station announced its intention to appeal the matter at the Information Commissioner’s Office.
