GMR Male’ International Airport Limited (GMIAL) has announced that the Maldives State Trading Organization (STO) will begin supplying fuel to its operations from the beginning of April under the terms of a one-year contract.
The company has claimed that STO beat off competition from a host of international bidders to win the contract that will commence from 1 April 2011. The contract is expected to amount to a total value of US$140m over its twelve month lifespan – reflecting the supply of about 1.1 million barrels of fuel.
GMIAL said in a statement that the success of STO’s bid was based on both technical and economic factors such as the capability to supply both Jet A-1 fuel and Marine Gas Oil (MGO) as well providing testing facilities and the lowest financial premiums.
Andrew Harrison, CEO of GMIAL, said the decision was a key step in working to try and set the airport up as a world class facility and reduce any interruptions to transport services, while also offering direct economic benefits to the local economy.
“This contract will bring commercial revenue in form of US Dollar receipts to a Maldivian company, which will be a valuable benefit in terms of foreign exchange trading,” he stated.