(LANKAPUVATH | COLOMBO) – Udaya Gammanpila, Co-Cabinet Spokesman and Minister of Energy said that the Cabinet has approved the implementation of the development project for the Trincomalee tank farm and the relevant agreements are expected to be signed within a week.
Addressing a media briefing held at the Government Information Department yesterday (4), Minister Gammanpila said it has been almost 100 years since the construction of the Trincomalee oil tank complex, which can store 8 million barrels of oil at a time, but it has not been utilized properly so far.
After reviewing the three existing agreements with the Government of India regarding the Trincomalee Oil Tank Complex through diplomatic talks the two countries have reached an agreement to implement a joint development project, the Minister said.
The Minister said that this development project will be launched as a result of 16 months of discussions with India.
Accordingly, the Cabinet of Ministers approved proposal presented by Minister of Energy to allocate 24 oil tanks for the business activities of the Ceylon Petroleum Corporation, to allocate 14 tanks of the Lower Oil Tank Complex already in use by Lanka IOC for the company’s business activities for the next 50 years and to implement a development project by a company named Trinco Petroleum Terminal Pvt. Ltd. of the remaining 61 tanks, 51% to be owned by Ceylon Petroleum Corporation and 49% by Lanka IOC.