Sri Lanka Cabinet clears Trincomalee oil tank farm deal with India
The Hindu
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Sri Lanka’s Cabinet has given its nod for a , to jointly develop the Trincomalee oil tank farm with India.
According to a press statement issued by the Department on Government Information, on decisions taken at the first cabinet meeting of the year held on Monday, India and Sri Lanka “have reached an agreement to implement a joint development project” through diplomatic talks.
“Accordingly, the Cabinet of Ministers approved a 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,” the statement said, reaffirming Minister Udaya Gammanpila’s announcement last week.
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