Press briefing of Cabinet Decision taken on 2022-01-03

Trincomalee Oil Tank Farm Development Project

- Both India and Sri lanka have reached an agreement to review the existing three commitments with India pertaining to the Trincomalee Oil Tank Complex and to implement a joint development project. Accordingly, the proposal made by the Minister of Energy to allocate 24 Oil tanks for the business activities of the Ceylon Petroleum Corporation and to allocate 14 Oil tanks in the lower tank farm which are already being used by the Lanka IOC for its business activities and to provide the rest of 61 tanks to the Trinco Petroleum Terminal (Private) Limited which was established holding 51% of the share entitlement to the Ceylon Petroleum Corporation and 49% of the share entitlement to the Lanka IOC, to implement a development project, was approved by the Cabinet.