India assures support to SL to obtain few of the Trinco oil tanks

3 June 2020 07:12 am - 6 - {{hitsCtrl.values.hits}}

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Indian High Commissioner Gopal Baglay has assured Power, Energy and Transport Minister Mahinda Amaraweera of State level support to obtain some of the oil tanks at Trincomalee from the Indian Oil Company (IOC) to set up bulk storage of fuel in Sri Lanka exploiting the sharp drop in the world market oil prices.

At his meeting with Mr. Bagley, the minister has highlighted Sri Lanka's inability to maintain the bulk storage of fuel to exploit the declining oil prices in the global market because the British- built tank farm consisting of 100 tanks has been leased out to the IOC by the previous UNP government.

“I requested Mr. Baglay to help us obtain a few of the tanks from the IOC and received a positive response from him. He is of the view was that there needs to be an official-level dialogue between the two parties with the blessings of the Indian government because IOC is a private company,” he said.

The Daily Mirror meanwhile learnt that the agreement signed to develop 16 of the tanks in the under the yahapalana government as a joint venture between the Ceylon Petroleum Corporation (CPC) and the IOC was not successful. In 2003, under the Ranil Wickremesinghe government, Lanka IOC, a subsidiary of India’s state-owned Indian Oil Corporation, acquired a one-third share in the Ceylon Petroleum Storage Terminals Ltd. which operates the China Bay tank farm and the CPC entered into a memorandum of understanding (MoU) with Lanka IOC granting a long-term lease to Lanka IOC to operate the 99 storage tanks, each with a capacity of 12,100 metric tons, at Trincomalee for 35 years at an annual fee of US$100,000. (Sandun A Jayasekera)

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Comments - 6

Chris Wednesday, 03 June 2020 01:21 PM

This is only an excuse. DO NOT give this prime land. These guys are coming for the prime land not for the rust buckets. Call tenders to develop. Do not trust them.

Expatriate Wednesday, 03 June 2020 02:31 PM

These are British storage tanks in Sri Lanka, who in their right mind would have given it away to the Indians.

alex Wednesday, 03 June 2020 05:11 PM

yeah don't trust them, but beg for $1.1B from them and run behind Modi for funds

dara Wednesday, 03 June 2020 06:00 PM

Like friends of drug addict who deceive him to sell family jewelry for few bucks , our neighbors too grab our national wealth for small amount money but oil their palm with hefty bribe

Lanka Wednesday, 03 June 2020 06:21 PM

Mahinda Amaraweera do not listen to Indian slang. It is time to extricate SL from the invalid 35 year agreement and take over the tanks. Let India build it's own tanks in India. We do not need the IOCompany or the Indian employees!

dara Thursday, 04 June 2020 07:46 AM

Amaraweera still couldn't do something closer to peoples heart ,see he could do this and fill the tanks with cheaper fuel

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India assures support to SL to obtain few of the Trinco oil tanks

Comments - 6

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