(LANKAPUVATH | COLOMBO) – Udaya Gammanpila, Minister of Energy has stated that the lease period of the 14 tanks currently operated by the Lanka Indian Oil Company (LIOC) at the Trincomalee tank farm will be extended for another 50 years.
He said 61 other tanks will be developed by the newly-established Trinco Petroleum Terminals Limited and Lanka IOC as a joint venture.
The Minister said negotiations with India regarding the oil tank farm in Trincomalee were successfully concluded.
According to the Minister, Ceylon Petroleum Corporation (CPC) directly owns 24 tanks out of 99 tanks in Trincomalee oil tank complex and 61 tanks thorough the subsidiary Trinco Petroleum Terminals. The CPC will own 85 tanks and will retain 51% of the shares from the joint operation of these 61 tanks while Lanka IOC holds 49%.