STO has revealed that the prices of Maldives Gas will be reduced from June 1 onward.
Speaking to press in STO main office, STO Managing Director Ahmed Shaheer said that from the agreement with Shell, the company is able to lower the prices of gas. He noted that STO had previously reduced prices as well.
Shaheer added that any changes brought to the prices will be released by Maldives Gas
Shaheer said new oil bunkers were under development in various parts of the country in addition to K. Funadhoo. He added that once completed issues in oil supply will be resolved.
“We will establish storages in one sector. We have applied for land. Design work is proceeding as planned,”
Shaheer said the biggest business for STO was the sale of oil, adding that the company placed extreme priority on expanding the oil storage capabilities in Funadhoo. He noted the project had been handed over to the contractor and the project is expected to be completed by end of this year. Once completed, Funadhoo will be expanded to 41000 tons.
Shaheer added that STO will buy a tanker, capable of storing a minimum amount of 26000 tons, in the coming three months. He said the company was building three barges, out of which one had been commissioned. He said the remaining two barges will be operational in about a month’s time. Shaheer also announced the company will begin operations of the shed in Hulhumale’ near the end of the year.
Maldives Gas prices slashed
