China’s Foreign Minister Wang Yi is scheduled to arrive on the island on January 08 for an official visit, a spokesperson of the Foreign Affairs Ministry of Sri Lanka confirmed to Ada Derana. According to media reports, the Chinese minister is expected to present a number of investment proposals. His two-day visit is taking place as Sri Lanka is preparing to finalize the long-delayed agreement with India on the joint development of the Trincomalee oil tank farm. According to Ceylon Petroleum Corporation (CPC) chairman Sumith Abeysinghe, the agreement is slated to be signed with the relevant stakeholders within a month. Thereby, the CPC plans to establish a new subsidiary company named ‘Trinco Petroleum Terminals Ltd’ for this purpose. The oil storage complex, which is adjacent to the Trincomalee Port is nearly a century old and needs to be refurbished if they are to be used again. Spread across Lower Tank farm and Upper Tank Farm, it consists of 99 storage tanks with a capacity of 12,000 kilolitres each. Fourteen of these tanks are run by Lanka OIC. The new subsidiary firm is expected to develop the remaining 85 oil tanks.