Agreement worth $136 million signed to supply fuel to the airport

An agreement of worth $136 million (MVR 2.097 billion) has been signed between State Trading Organization (STO) and the Maldives Airports Company Limited (MACL) to supply fuel to Ibrahim Nasir International Airport (INIA).

The signing ceremony was held in the STO office this morning. STO’s Managing Director Shahid Ali and MACL’s Managing Director Ibrahim Mahfooz signed the agreement on behalf of their companies.

Speaking to the press after the signing ceremony, Managing Director of STO Shahid Ali said that the contract was agreed for STO to supply jet fuel to MACL for a one year term. He said that $136 million agreement is an important agreement for his company.

“The jet fuel contract is an important contract for STO. STO requires a large amount of foreign currency for the goods that we import. To pay for the goods, we need foreign currency, so this agreement helps to convert Maldivian currency to foreign currency,” said Shahid.

Shahid continued that a total of 1 million barrels of jet fuel will be supplied to MACL within the one year period.

Speaking at the ceremony, MACL’s Managing Director Dr. Mahfooz said that 3 parties had answered their call to find parties interested in supplying them with jet fuel, and that the contract was awarded to STO after considering their experience in the business and their track record in supplying the product.