Maldives National Oil Company (MNOC) is planning to build a 6 million m³ onshore oil terminal on the one of the Maldive islands.
The crude and petroleum terminal is expected to have 75% of its storage capacity dedicated to storing crude oil with the remaining 25% for clean and bunker products. The terminal is being planned on 20 hectares of land at a total investment of $150 million (108 million).
Construction work on the terminal is expected to start towards the end of 2009, taking approximately a year and a half to complete.
The location has not yet been finalised but five islands have been shortlisted by MNOC for the project.