Energy Minister Udaya Gammanpila yesterday said that the government will sign an agreement to establish the Trinco Petroleum Terminal (Pvt) Ltd, next week.
The two countries have reached an agreement to implement a joint development project after reviewing the three existing agreements with the Government of India regarding the Trincomalee Oil Tank Complex through diplomatic discussions, he said.
Speaking during the weekly Cabinet media briefing yesterday at the Government Information department, Minister Gammanpila said Cabinet granted its consent 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 percent to be owned by Ceylon Petroleum Corporation and 49 percent by Lanka IOC.
He said through the agreement, the government will be able to retake 85 oil tanks previously given to India and only 14 oil tanks will be given to India through the agreement.
He claimed previous governments had agreed to hand over the entire Trincomalee Oil Tank Complex to India.
by Daily News Sri Lanka
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