Sri Lanka plans to further lease out the 14 Lanka IOC (LIOC) operated oil tanks at the Trincomalee Oil Tank Farm to the same company for 50 more years, Energy Minister Udaya Gammanpila says.
He said 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 said negotiations with India regarding the oil tank farm in Trincomalee were successfully concluded.
“As a result of the agreement, 85 out of 99 tanks of the farm will be under the control of the CPC. A total of 24 tanks directly by the CPC and 61 through the subsidiary. The LIOC will manage only 14 tanks.Regaining the control of the Trinco oil tank farm by Sri Lanka is a historical victory,” he said.