Trinco Oil Tank Farm agreement tabled in Parliament

The agreement between Trincomalee Petroleum Corporation and Lanka IOC for the development of the Trincomalee oil tank farm was tabled in Parliament today by Energy Minister Udaya Gammanpila.

 

On January 03, the Cabinet of Ministers gave the green light for the proposal calling for the implementation of the Trincomalee Oil Tank Farm development project with India.

 

Energy Minister Udaya Gammanpila told the media earlier that 85 of the 99 oil tanks under Indian control will now come under Sri Lankan control by the agreement.

 

Accordingly, the 2003 lease agreement regarding the Trincomalee oil tanks was terminated and the oil tank complex will be divided between three institutions for a period of 50 years