STO plans new storage facility in Haa Alif atoll

The National Planning Council has approved the State Trading Organisation (STO)’s plan to build an oil storage facility on an unidentified island in the north’s Haa Alif atoll.

The facility would cover 600 square metres and contain over 200 tons of oil, reports Haveeru. It is said to be 10 times the size of a similar facility at Funadhoo.

STO’s Managing Director, Shahid Ali said studies show the project would benefit the Maldivian economy. He said it has already drawn the interest of foreign investors.

The project is awaiting approval from the Cabinet.