The agreement to jointly develop the Trincomalee oil tank farm with India was signed this evening (06).
The Indian High Commission in Sri Lanka expressed on twitter a short while ago that this development marks a new milestone in the economic and energy partnership between Sri Lanka and India.
“Congratulations to all parties on signing the agreement to develop Trincomalee Oil Tank Farms. Sincerely appreciate the guidance from leadership of India and Sri Lanka and support from all Ministers and officials concerned,” the tweet further notes.
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 are among the signatories of the deal.
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.
Thereby, 61 tanks at the oil storage complex will be jointly developed by the Ceylon Petroleum Corporation (CPC) and Lanka IOC as a joint venture.
Lanka IOC is a subsidiary of the Indian Oil Corporation which is under the ownership of India’s Ministry of Petroleum and Natural Gas.
A subsidiary company named Trinco Petroleum Terminal Pvt. Ltd. is slated to be established for the joint development of these 61 oil tanks.
According to the government, the CPC will retain 51% of the shares from this joint venture while Lanka IOC holds on to 49%.
Meanwhile, the Cabinet has given its nod to further lease out Lanka IOC-run 14 oil tanks of the Lower Oil Tank Complex to the company for its business activities.
Additionally, 24 oil tanks will be allocated for the business activities of the CPC as approved by the Cabinet.
Indo-Lanka agreement to develop Trinco oil tanks inked
06 Jan 2022
Indo-Lanka agreement to develop Trinco oil tanks inked
06 Jan 2022
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