The agreement to establish a joint company to manage 61 oil tanks in Trincomalee through “Trinco Petroleum Terminals Ltd,” under a 51% ownership to CPC and 49% ownership to LIOC was signed. 85 of 99 tanks will be under Sri Lankan control which were under Indian control.
The agreement to develop the Trinco oil tank farm signed this evening. Among the signatories are Treasury Secretary, Commissioner General of Lands, CPC, LIOC & Trinco Petroleum Terminal (Pvt) Ltd.
“A new milestone in India- SriLanka economic and energy partnership” tweet High Commission of India in Colombo, Sri Lanka.
Recently, the Cabinet of Ministers approved proposal presented by Minister of Power 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 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.