Trincomalee oil tank farm agreement sealed

The Energy Ministry said that development agreements have been signed for the Trincomalee oil tank farm complex.

Energy Minister Udaya Gammanpila told the media 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 has been terminated and the oil tank complex will be divided between three institutions for a period of 50 years as follows. 01. Ceylon Petroleum Corporation - 24 tanks. 02. Trinco Petroleum Terminal Company - 61 tanks (Trinco Petroleum Terminals is a subsidiary of the Ceylon Petroleum Corporation, with 51% of the shares owned by the Ceylon Petroleum Corporation and 49% owned by the Indian Oil Company.

Its Board of Directors consists of four members appointed by the Ceylon Petroleum Corporation and three appointed by the Ceylon Indian Oil Company. The Chairman of the new company is also appointed by the Ceylon Petroleum Corporation)

03. Indian Ceylon Oil Company - 14 tanks. Accordingly, the control of 85 of these 99 tanks (24 + 61 = 85) by the Ceylon Petroleum Corporation is a historic achievement in the history of Sri Lanka. The agreements were signed on behalf of the Government of Sri Lanka by the Finance Ministry Secretary S.R. Attygalle, Ceylon Petroleum Corporation Chairman Sumith Wijesinghe, Ceylon Petroleum Corporation Managing Director Buddhika Madihahewa and Ceylon Indian Oil Company Managing Director Manoj Gupta. Land Commissioner General Keerthi Gamage was also present.

The new agreements will be presented to the Cabinet on January 10 and to Parliament on January 18. These agreements will be added to the official website of the Ceylon Petroleum Corporation on January 11.