State Trading Organization (STO) and Maldives Airports Company Limited (MACL) have renewed their agreement to supply jet aviation fuel.
The agreement was signed this afternoon in Hulhule’ Island Hotel. MACL Managing Director AdhilMoosa signed the agreement on behalf of the company, while STO Managing Director Ahmed Shaheer signed the agreement for STO.
Speaking in the ceremony, AdhilMoosa stated that even though the signing the ceremony was slightly unremarkable, the agreement itself was very significant. He added that the agreement was renewed for the third time based on the service rendered by STO in the past two years.
Adhil stated that this agreement was effective from 1st June 2015 to 31st May 2016, for the supply of 1.2 million barrels of jet fuel. He added that this agreement was worth US$ 93 million based on current market prices for jet fuel.
“We recognize STO for their professionalism and experience in this work. We have been able to work with STO successfully on this operation,” Adhil said.
Speaking in the ceremony, STO MD Ahmed Shaheer stated that the company would strive to maximize on the service extended, as before. He added that a contract of this magnitude would impact the whole economy.
“The whole country would be impacted, as the contract had gone to a local company, rather than a foreign company,” Shaheer said.
Shaheer stated that this new contract with MACL was an opportunity for STO to sell their fuel products at a lower rate in the local market. He thanked MACL Board for renewing the contract with their company and thanked MACL for their cooperation in arranging US dollars for STO’s transactions.
Senior employees of the two companies took part in the ceremony.
STO, MACL renews jet aviation fuel supply agreement
