Asserting that the work on the Trincomalee oil tank farm is well in progress, Lanka Indian Oil Company (LIOC) said ten tanks would be ready for development after the area is cleared of woods very soon.
The strategic project is part of India’s plan to develop Trincomalee jointly with Sri Lanka as a petroleum hub.
Sri Lanka’s state-run Ceylon Petroleum Corporation (CPC) signed an agreement with Lanka IOC, a subsidiary of state-owned Indian Oil Corporation on January 6, 2022 to jointly develop the Trincomalee oil tank farm. The agreement provides for the establishment of Trinco Petroleum Terminals Ltd, a joint venture between the two companies to manage 61 of the 99 tanks. The CPC holds a 51 percent controlling stake in the company, and LIOC 49 percent.
LIOC Managing Director Manoj Gupta told Daily Mirror the tank farm area is cleared of woods by the State Timber Corporation commendably. He said seven tanks had already been cleared and the clearing of woods around three more tanks would be completed by the middle of next month.
Mr. Gupta said tenders would be called for consultancy services to design the laying of the pipeline from the jetty to the tank farm.
Commenting on the expansion of the LIOC network of filling stations in Sri Lanka, he said his company operates 213 at the moment and 60 more will be added to it. He said 10-15 stations will be commissioned by the end of this month. (Kelum Bandara)
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