Trinco Oil Tank Complex to be developed jointly with CPC, LIOC

Cabinet has granted approval to allocate 24 and 14 oil tanks of Trincomalee Oil Tank Complex to Ceylon Petroleum Corporation (CPC) and Lanka IOC respectively while remaining 61 oil tanks are to be developed under Trinco Petroleum Terminal Pvt. Ltd, with shares of CPC (51%) & LIOC (49%).

The government said after reviewing the three existing agreements with the Indian Government regarding the Trincomalee Oil Tank Complex through diplomatic talks, the two neighbouring countries have reached an agreement to implement a joint development project. 

Accordingly, the Cabinet of Ministers approved the proposal presented by Minister of Power to allocate 24 oil tanks for the business activities of the Ceylon Petroleum Corporation, to allocate 14 tanks of the Lower Oil Tank Complex already in use by Lanka IOC for the company's business activities and to implement a development project by a company named Trinco Petroleum Terminal Pvt.Ltd. of the remaining 61 tanks, 51% to be owned by Ceylon Petroleum Corporation and 49% by Lanka IOC.