CPC subsidiary LIOC is set to jointly develop 61 oil tanks in Trinco

CPC subsidiary, LIOC to jointly develop 61 oil tanks in Trinco Sri Lanka plans to further lease out the 14 Lanka IOC-operated oil tanks at the Trincomalee Oil Tank Farm to the same company for 50 more years, Energy Minister Udaya Gammanpila says.

 

Meanwhile, 61 other tanks are expected to be developed by the newly-established Trinco Petroleum Terminals Limited and Lanka IOC as a joint venture, the minister revealed.

 

Minister Gammanpila explained that for the duration of the 50-year lease, 24 tanks will be directly managed by the CPC, 14 by Lanka IOC and the remaining 61 by the Trinco Petroleum Terminal.