CPC subsidiary, LIOC to jointly develop 61 oil tanks in Trinco

Sri Lanka plans to further lease out the 14 Lanka IOC-operated oil tanks at the Trincomalee Oil Tank Farm to the same subsidiary company for 50 more years, Energy Minister Udaya Gammanpila says.

The lawmaker’s remarks came during a special media briefing held at the Energy Ministry.

Lanka IOC is a subsidiary of the Indian Oil Corporation which is under the ownership of India’s Ministry of Petroleum and Natural Gas.

Meanwhile, 61 other tanks are planned to be developed by the newly-established Trinco Petroleum Terminals Limited and Lanka IOC as a joint venture, the minister revealed.

Courtesy: Adaderana