(MENAFN- Colombo Gazette)
Lanka Indian Oil Corporation (LIOC) and the Ceylon Petroleum Corporation (CPC) will jointly develop 61 oil tanks at the Trincomalee Oil Farm, Energy Minister Udaya Gammanpila said today.
The Minister said that Trinco Petroleum Terminal Ltd will manage the 61 oil tanks.
CPC holds 51 percent shares in Trinco Petroleum Terminal Ltd while LIOC has 49 percent.
Gammanpila also said that the lease on 14 oil tanks will be extended by another 50 years to LIOC.
The Minister said that of the 99 oil tanks at the Trincomalee Oil Farm Sri Lanka has full control over 85 tanks.
Sri Lanka and India have been negotiating the deal for approximately 16 months.
Once the deal is finalised and signed it will give shape to a proposal envisaged 35 years ago, in the Indo-Lanka Accord. (Colombo Gazette)
MENAFN01012022000190011042ID1103471772
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.