President Yameen urges STO to enter international markets
22 Jan 2015, 1:25 PM
President Abdulla Yameen has called on the State Trading Organisation (STO) to widen the company’s scope into the international global markets.
At a ceremony held at Dharubaaruge last night to mark the company’s 50th anniversary, Yameen spoke of diversifying the company into numerous fields including the establishment of a national shipping line and operation of oil tankers, assuring the government’s support in these ventures.
“We must find ways to reduce the price of oil and to find low priced oil,” Yameen said.
Oil exploration – via the STO’s subsidiary Maldives National Oil Company – was an election pledge of President Yameen, with a German research vessel conducting oil and gas exploration research in August 2014.
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