Trinco oil tank deal tabled in House

Energy Minister Udaya Gammanpila yesterday tabled in Parliament a copy of the agreements signed between Sri Lanka and India to jointly develop the Trincomalee oil tank farm.

The copy was tabled along with all its annexures for MPs to peruse the agreement which was signed between the Ceylon Petroleum Corporation (CPC) with Lanka IOC, a subsidiary of State-owned Indian Oil Corporation.

Under the terms of the agreement , CPC will hold 24 tanks, whilst Trinco Petroleum Terminal Company (TPTC) will hold 61 tanks and LIOC will hold 14 tanks.

TPTC is a subsidiary of the CPC, which owns 51% of the Ceylon Petroleum Corporation and 49% of the LIOC. Its Board of Directors consists of four members appointed by the CPC and three members appointed by the LIOC. The Chairman of the new company is also appointed by the CPC.