Jan 06, Colombo: The agreement to jointly develop the Trincomalee oil tank farm with India has been signed this evening (06), Minister of Energy Udaya Gammanpila announced.
Sri Lanka’s Treasury Secretary, the Commissioner General of Lands, the Ceylon Petroleum Corporation (CPC), Lanka ICO and the subsidiary company Trinco Petroleum Terminal Pvt. Ltd were the signatories to the agreement.
Energy Minister said in a Twitter post that 85 of 99 tanks which were under Indian control previously will be taken under Sri Lankan control.
The Cabinet of Ministers on Monday had given its approval to the proposal tabled by the Minister of Power, for the implementation of Trincomalee Oil Tank Farm development project with India.
Accordingly, the Cabinet of Ministers approved proposal presented by Minister of Energy to allocate 24 oil tanks for the business activities of the Ceylon Petroleum Corporation, to allocate 14 tanks of the Lower Oil Tank Complex already in use by Lanka IOC for the company’s business activities for the next 50 years and to implement a development project by a company named Trinco Petroleum Terminal Pvt. Ltd. of the remaining 61 tanks, 51% to be owned by Ceylon Petroleum Corporation and 49% by Lanka IOC.