Trinco Petroleum Terminals will be state controlled, says Gammanpila

COLOMBO (News 1st); Sri Lanka and India have agreed to implement a joint development project with regard to the Trincomalee Oil Tank Complex, commonly known as the Trinco Oil Tank Farm.

The Cabinet of Ministers has approved the proposal to allocate 24 Oil Tanks for the Ceylon Petroleum Corporation, 14 tanks of the Lower Oil Tank Complex already in use by Lanka IOC.

The remaining 61 tanks will be for the development project named Trinco Petroleum Terminal Private Limited, 51% will be owned by CPC and 49% by Lanka OIC.

Joint Cabinet Spokesperson (Minister) Udaya Gammanpila said this joint venture will be for a lease period of 50 years.

He said since Trinco Petroleum Terminal Private Limited will be a state enterprise, it will be subject to audits by the Auditor General of Sri Lanka.