The move, which ultimately cements India’s role in the controversial project discussed since the time of the 1987 Indo-Lanka accord, follows Cabinet approval earlier this week.
Marking a major milestone in a strategic project in Sri Lanka, whose fate has remained uncertain for decades, the Lanka IOC, Ceylon Petroleum Corporation and the Sri Lankan government on Thursday agreed to jointly develop the Trincomalee oil tank farm in eastern Sri Lanka. Signed three lease agreements for
The move, which ultimately cements India’s role in the controversial project discussed since the time of the 1987 Indo-Lanka accord, follows Cabinet approval earlier this week. Sections have opposed the Rajapaksa government’s decision to include India in a project that was much talked about by various governments, but was never finalized.
Indian Oil Corporation’s subsidiary Lanka IOC will operate 14 oil storage tanks, which are currently in operation for 50 years, while CPC will operate 24 tanks. Trinco Petroleum Terminal Pvt. Ltd., set up by CPC for the project, will develop the remaining 61 tanks at the World War II facility, in a joint venture where a 51% stake will be held by CPC and 49% by Lanka IOC, Sri Lanka’s Energy Minister. last state.