The Cabinet has approved the establishment of “Trinco Petroleum Terminal Pvt. Ltd.,” regarding the development of the oil tank reserve in Trincomalee.
The relevant agreement will be signed within an upcoming week, revealed Energy Minister Udaya Gammanpila, speaking to the briefing held in announcing the Cabinet Decisions today (04).
Accordingly, 24 oil tanks will be entitled to the Ceylon Petroleum Corporation (CPC) and 14 to the Indian Oil Corporation (IOC) for businesses.
51 per cent of the remaining 61 oil tanks will be entitled to the CPC and 49 per cent to the IOC at a joint venture under a 50-year lease agreement, Gammanpila said.
The operational will be fully controlled by the CPC, he added.