COLOMBO : An agreement to develop Trinco Oil Tank Farm was signed this Thursday , evening in Jan 6, Energy Minister Udaya Gammanpila announced here. .
“Signatories were Treasury Secretary (for Gvt of Sri Lanka), Land Commissioner General, CPC, LIOC & Trinco Petroleum Terminal Ltd 85 of 99 tanks will be under Sri Lankan control which were under Indian control” Minister Udaya Gammanpila tweeted.
Following diplomatic talks, the two countries have reached an agreement to implement a joint development project to develop the oil tanks.
On Thursday, Inidan External Affairs Ministry Spokesperson Arindam Bagchi, said the Trincomalee oil tank farms project in Sri Lanka will augment bilateral energy security, days after the island nation cleared the long-pending deal with New Delhi.
when asked at a media briefing on the possibility of India extending the credit line to help Sri Lanka tide over its economic crisis, said it has always stood by the people of that country.
Bagchi also said that the Indian High Commission in Colombo has been making efforts to ensure the early release of the remaining Indian fishermen detained by Sri Lankan authorities last month.
Sri Lanka had detained a total of 68 fishermen and 12 of them have already been released.
As per the proposal, 24 oil tanks will be allocated for the business activities of the Ceylon Petroleum Corporation (CPC) and 14 tanks of the Lower Oil Tank Complex already in use by Lanka IOC will be further leased for the company’s business activities.
The proposal further stated a development project will be implemented by a company named Trinco Petroleum Terminal Pvt. Ltd. for the remaining 61 tanks, of which 51% will be owned by the CPC and 49% by the Lanka IOC.
