STO to import oil, staples and pharmaceuticals only
16 Oct 2014, 12:01 AM
Zaheena Rasheed
State wholesaler State Trading Organization (STO) will focus solely on importing fuel, food staples and pharmaceuticals, the Economic Council has announced at a press conference today.
The move is part of the government’s decision to move STO out of the retail business in order to encourage private businesses, Economic Development Minister Mohamed Saeed said.
However, the STO has recently launched a new brand of groceries called Noofahi as well as announcing plans to expand the supermarket at the STO Trading Center in Malé.
Tourism Minister Ahmed Adeeb added that STO will be restructured and will build new fuel storage facilities, establish a shipping fleet to import oil and will take measures to increase fuel security.
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