India’s Petroleum Ministry Secretary, IOC Chairman expected in Colombo today

Secretary to India’s Ministry of Petroleum and Natural Gas Pankaj Jain and IndianOil Corporation Ltd. Chairman Shirkant Madhav Vaidya are expected to arrive in Sri Lanka today for a brief visit, Mirror Business learns.

During their visit, they are scheduled to hold discussions with President Ranil Wickremesinghe and visit the Trincomalee oil tank farm.

IndianOil Corporation, which is a Fortune ‘Global 500’ company controlled by the Indian government, is the parent company of Lanka IOC PLC.

IndianOil Corporation’s operations are overseen by the Ministry of Petroleum and Natural Gas.

Early part of last year, Lanka IOC PLC and state-run Ceylon Petroleum Corporation formed a joint venture called Trinco Petroleum Terminal Ltd. to develop the World War II era tank farm. Lanka IOC is also the smaller, private sector party in Sri Lanka’s fuel distribution duopoly. The company recently received the approval from the Sri Lankan government to expand its network with 50 more filling stations.