President: Lower oil prices from Malay will lower electricity cost

President Abdulla Yameen said that he discussed with Malaysian government about purchasing oil from Malaysia at a cheaper price, and that it would mean a lower electricity cost of the Malaysian government agreed.

Speaking to press after concluding the official visit to Malaysia upon invitation of Malaysian Prime Minster Najib Razak, President Yameen said that discussions were also held to resolve some conflicts regarding trade transactions between the two countries.

President Yameen said that the main topic of discussion had been the request for Malaysian state oil company – PETRONAS – to re-start export to Maldives.

As such, discussions were held for a concession on the sale price, as well as the credit period.

“So the Malaysian government vowed that they will do this very well, as well,” said Yameen.

He said that Managing Director of State Trading Organization, Ahmed Shaheer, also participated in the discussion, and that Shaheer later met with officials from PETRONAS as well.

“So we will get some concessions. It the oil price gets lowered, it will lower the cost of electricity as well,” he said.

Discussions were also held to extend on arrival visa for Maldivians visiting Malaysia to 90 days, to find a solution to dependent visa issue, and on working more closely together and sharing information regarding religious extremists and terrorism.