President Dr. Mohamed Muizzu has stated that preparations are underway to establish a "National Oil Reserve" encompassing three regions of the Maldives, aimed at creating a long-term oil storage system.
Speaking at a press conference held at the President's Office today, President Dr. Mohamed Muizzu said that establishing the "National Oil Reserve" is a planned initiative among the long-term measures being taken by the government. He noted that the research required for this project has already begun.
Revealing further details, the President stated that since oil is a commodity the nation heavily relies upon, the government's vision is to establish oil reserves in three regions of the Maldives. He explained that the plan is to divide the project into three phases, with the intention of completing phase one and establishing an oil reserve within one and a half to two years.
"The work on the oil reserve has now started, so our vision is to complete one phase in a year and a half, establishing a reserve in three regions within approximately four and a half to five years. The necessary research for this is ongoing, and it is anticipated that the government will need to spend about 150 million dollars for investment and all related matters for each phase," the President said.
The President stated that the oil reserve will function similarly to a fund like the Sovereign Development Fund or a national reserve, adding that full details will be shared with the media once the planning for the establishment of the reserve is completed.
