STO Granted Authorization for International Bunkering Services, Prepares for Expansion

PUBLISHED June 04, 2023 | updated June 04, 2023 01:57

The State Trading Organisation (STO) has received authorization to provide international bunkering services, according to Abdulla Saeed, Managing Director of STO. Saeed announced this development during the STO's Annual General Meeting held last week. He mentioned that preparations were underway to commence the service and that the necessary regulatory work was nearing completion.

Saeed stated, "We are currently in the process of initiating international bunkering. The regulatory work for international bunkering, in collaboration with the STO, the government, and a foreign consultant, is reaching its conclusion. STO has now obtained permission to engage in international bunkering."

Additionally, Saeed revealed that the company had decided to revive STO Singapore and MNOC to facilitate international fuel trading. He emphasized that this expansion would encompass both physical and paper trading. Saeed also mentioned, "As we prepare to launch international bunkering services, we are planning to construct a storage facility for STO in the UAE."

Furthermore, Saeed highlighted that STO Singapore and MNOC had previously initiated a joint operation and aimed to expand their oil business. He indicated that the company was exploring opportunities to sell crude oil overseas and was currently considering the establishment of a storage facility on an island in the UAE.

In order to promote the growth of their services, STO has already participated in two trade fairs in the Gulf.


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