Lankapage Logo Recent Top Stories
CP 13 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka to take back China Bay oil tank farm from Indian Oil Company
Fri, Dec 14, 2012, 12:12 pm SL Time, ColomboPage News Desk, Sri Lanka.

Dec 14, Colombo: The Sri Lankan government has decided to take over a petroleum storage tank complex in Eastern Sri Lanka that was given to an Indian oil company on a long lease.

According to sources at the Ministry of Petroleum Industry the government plans to take back the China Bay tank farm in Trincomalee from the Indian Oil Corporation (IOC). A cabinet paper in this regard will be brought in the near future, sources said.

The China Bay petroleum storage tank complex was handed over to India's state-run Indian Oil Corporation in 2002 by the United National Party (UNP) government which was in power between 2002 and 2004. The government says that the hand over was not in line with the government standards.

The tank farm in 850 acres of land has 99 tanks each with the capacity to hold 12,100 metric tons of oil.

The government now expects to convert the petroleum storage tanks to a profitable venture with foreign investment.

The China Bay tank farm that connects to the Trincomalee harbor is of historic and strategic significance and it is the largest tank farm located between the Middle East and Singapore. It was built by the British in 1930s to supply fuel to Royal Navy ships.



ColomboPage - Recent 10 Stories
Sri Lanka's Cinnamon Lakeside hotel partially closed for repairs
-- [50 minutes ago]
Complaint lodged at Sri Lanka's Bribery Commission against government minister
-- [1 hour and 10 minutes ago]
Interim committee to be appointed to run Sri Lanka Cricket Board
-- [1 hour and 19 minutes ago]
Sri Lankan court impounds passport of Chinese executive
-- [1 hour and 47 minutes ago]
Sri Lankan police ordered to arrest former Economic Development Minister
-- [2 hours ago]
Sri Lankan PM opens free Wi-Fi zones
-- [2 hours ago]
Sri Lanka seeks UN, Indian assistance to evacuate stranded expatriate workers from Yemen
-- [2 hours ago]
British woman falls off train to her death in Sri Lanka
-- [3 hours ago]
Sri Lanka's UDA facing a shortage of funds to pay families evicted for development project - report
-- [4 hours ago]
Sri Lanka's Prime Minister to hold discussion with party leaders on proposed electoral reforms
-- [9 hours ago]

Copyright © 2000, 2012 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.