A total of 14 oil tanks at the Trincomalee oil tank farm currently operated by the LIOC would be leased out to the LIOC for another 50 years, Energy Minister Udaya Gammanpila said.
He said 61 other tanks will be managed by the newly established Trinco Petroleum Terminals Ltd.
The Minister said negotiations with India regarding the oil tank farm in Trincomalee were successfully concluded.
“As a result of the agreement, 85 out of 99 tanks of the farm will be under the control of the CPC. A total of 24 tanks directly by the CPC and and 61 through the subsidiary. The LIOC will manage only 14 tanks.Regaining the control of the Trinco oil tank farm by Sri Lanka is a historical victory,” he said.