Deal Signed With India For The Development Of Trinco Oil Tank Farm
Posted 7,January

By Chaveendra Dunuwille

In Local News

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Following the bilateral discussion, India and Sri Lanka have signed an agreement for the joint development of the Trincomalee Oil Tank Farm. 

According to Energy Minister Udaya Gammanpila, the Secretary of the Treasury, Land Commissioner General, CPC, LIOC, and Trinco Petroleum Terminal Limited signed the agreement for Sri Lanka. The minister also noted that 85 of the 99 tanks on the farm are now under Sri Lankan control. 

Twenty-four tanks are allocated for the business activities of the Ceylon Petroleum Corporation. Lanka IOC already uses fourteen tanks of the Lower Oil Tank Complex. 

The Energy Minister’s proposal submitted to the cabinet also stated that the development project would be carried out by Trinco Petroleum Terminal (Pvt) Ltd. 51% of the farm’s remaining oil tanks will be under the control of CPC, and 49% will be under Lanka IOC.