09 January 2022

Sri Lanka, India ink agreement to jointly develop Trinco oil tank farm.

The agreement to jointly develop the Trincomalee oil tank farm with India has been signed this evening (06), according to Energy Ministry sources.

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%.

Source: www.adaderana.lk

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