August 30, 2011 [Haveeru Online] - State Trading Organisation (STO) of is to build a storage facility in the northern region of the Maldives with a capacity of more than 200 tons of oil.
Managing Director of the government-public owned company, Shahid Ali said the National Planning Council has approved the company’s proposal with conditions.
“We’ve already done a preliminary study which shows that the project would be beneficial. Foreign investors, including banks and storage management companies have expressed interest in the project,” he said.
Shahid said the storage facility, which would be 10 times more than the facility in Funadhoo, would be developed in an unspecified island of Haa Alif atoll.
“We’ve found that Haa Alif atoll in the northern region receives the highest traffic,” he said.
“We can proceed with the project with Cabinet approval.”
