Udaya Gammanpila, Minister of Energy said that steps will be taken to develop 61 tanks in the Trincomalee oil tank complex in collaboration with Lanka IOC.
This was stated at a media briefing held at the Ministry a short while ago today (31).
The Minister said that steps will be taken to develop these tanks through a new company to be set up in which the Ceylon Petroleum Corporation will have a 51% stake.
About 14 tanks currently used by the IOC are expected to be leased to them for another 50 years.
The remaining 61 tanks will be handed over to Trincomalee Petroleum to be 51% owned by the Ceylon Petroleum Corporation and the remaining 49% to be owned by Lanka IOC. The company is a subsidiary of the Ceylon Petroleum Corporation (CPC), which appoints four of the seven members of the Board of Directors.