Maldives National Oil Company ltd (MNOC) was incorporated by the Government of the republic of Maldives to complement the Government's effort to diversify the national economy and thereby generate employment and foreign income through oil and gas business in the territory of the Maldives and abroad. MNOC is formed as 100% owned subsidiary of State Trading Organisation Maldives (STO Plc.)
MNOC takes direct responsibility for the development of oil and gas industry processes in the Maldives and overseas. This responsibility encompasses oil, natural gas, hydrocarbons and related minerals. MNOC also endeavour to oversee the production, refining and transport of the aforementioned substances and any of their derivatives or by-products.
The Principal activities of the company includes making necessary preparations such as seismic survey agreements with foreign oil and gas exploration companies to commence the third round of oil and gas exploration in the Maldives. The company had also embarked on a program of building local human resource capability in the oil and gas sector by sponsoring Maldivians to study and gain experience in the oil and gas business.
MNOC also envisages in sourcing of crude oil from crude-oil producing countries, for the purpose of refining and processing at the refineries in neighbouring countries such as India, Sri Lanka and Singapore. The refined products processes from the crude oil will largely be consumed in the Maldives.