Trinco Oil tanks lease to LIOC extended for another 50 years

The oil tanks currently operated by the Lanka Indian Oil Company (LIOC) at the Trincomalee oil tank farm is to be leased out to LIOC for another 50 years said Minister of Energy Udaya Gammanpila.

He made this announcement today (31).

It was further decided that an additional 61 tanks will be jointly developed by the LIOC along with the newly established Trinco Petroleum Terminals Ltd, with 51% of shares held with Ceylon Petroleum Corporation and 49% held with the LIOC.