Energy Minister announces Trincomalee oil tank farm agreement

Energy Minister Udaya Gammanpila has publicized the full agreement inked between Sri Lanka and India for the joint development of the oil tank farm in Trincomalee.

 

This quadripartite agreement was signed at the Finance Ministry on January 06, with the Government of Sri Lanka, the Ceylon Petroleum Corporation (CPC), Lanka IOC and the subsidiary company Trinco Petroleum Terminal Pvt. Ltd.

 

On January 03, the Cabinet of Ministers gave the go-ahead to the proposal calling for the implementation of Trincomalee Oil Tank Farm development project with India. As per the 38-page agreement, 61 tanks at the oil storage complex will be jointly developed by the CPC and Lanka IOC as a joint venture.

 

Sri Lanka and India reached an agreement to implement a project to jointly develop Trincomalee Oil Tank Farm, after reviewing three existing deals between the countries through diplomatic talks.