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Equity sharing arrangement with LIOC for development of Trinco oil tank reforms

19 February 2021 08:20 am - 15     - {{hitsCtrl.values.hits}}

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Energy Minister Udaya Gammanpila said yesterday the Trincomalee Oil tank farm would be managed under a company to be formed with Lanka Indian Oil Company with a majority stake for the Ceylon Petroleum Corporation (CPC).

In other words, it will be a company with majority stake for the CPC. It is subject to scrutiny by the Auditor General. The Committee on Public Enterprises (COPE) can peruse the audit reports Minister Gammanpila told a news conference that the agreement for such an equity sharing arrangement could be reached after successful negotiations with India.

“In other words, it will be a company with majority stake for the CPC. It is subject to scrutiny by the Auditor General. The Committee on Public Enterprises (COPE) can peruse the audit reports,” he said.

He said there are 99 tanks used during World War II with a capacity to store 10,000 tonnes of fuel in each. “It means we can store fuel sufficient for two months,” he said.

After the World War II, he said these tanks had not been utilised properly. He said the government of former Prime Minister the late Sirimavo Bandaranaike acquired these tanks from the British rule, but the UNP government leased them out to LIOC for 35 years at an annual payment of US $ 1000 per tank.

“Now, 18 years of the lease period have lapsed. LIOC uses only 15 tanks,” he said. He further said talks are in progress with India on the timeline for the management of the tank farm, and the number of tanks to be kept under the sole purview of the CPC. The Minister said the Cabinet paper would be submitted only after a broad consultation process with the trade unions and other stakeholders. (KELUM BANDARA)

  Comments - 15

  • ravin Friday, 19 February 2021 08:23 AM

    Once CPC staff enter the premises and begins there normal work we believe you. Lets play the game.

    Peacemaker Friday, 19 February 2021 12:16 PM

    Pig mouth

    Sam Friday, 19 February 2021 12:37 PM

    So you mean to say that the Lanka Indian Oil Corporation team management are all Sri Lankans and not Indian.

    Michael Ranasinghe Friday, 19 February 2021 03:50 PM

    You are a pathological liar . The Hindu news paper reported a completely different story just hours ago .

    GLP Friday, 19 February 2021 03:53 PM

    Only with your dirty stinking mouth you utter nonsense, no one cares for you man. Get lost.

    Gamunu Wimalasena Friday, 19 February 2021 03:54 PM

    Dam Liar now hanging with President Gota, leaving Mahinda. Shameless fellow.

    Leel Wickramasuriya Friday, 19 February 2021 03:55 PM

    Rs. 100/- beggar who bought a Luxury car from the poor peoples money.

    Kamal Ranasinghe Friday, 19 February 2021 03:56 PM

    Because of Mahinda you and Weerawansa are still existing, other-wise you fellows will be loafing in the streets.

    Manning Market Kiris Raja Friday, 19 February 2021 03:58 PM

    Dam Liar

    Morris Rajaratnam Friday, 19 February 2021 04:00 PM

    You and Weerawansa created lot of Damage to SLPP in the past two-three months, now you both should be kicked out soon.

    Lal Friday, 19 February 2021 04:14 PM

    Could you let us know how many tanks do we have, How many tanks have been given to others, how many tanks are we making use of at present and how many are we hoping to use of in the future.

    brainmaster Friday, 19 February 2021 04:52 PM

    foul mouth, hiding the real facts

    Chux Friday, 19 February 2021 05:55 PM

    Rubbish equity sharing means you sold the shares bloody joker and wonderful socialism

    Idiot Boy Friday, 19 February 2021 05:59 PM

    SL says YES, NO, YES, NO

    AB Friday, 19 February 2021 07:03 PM

    Unions be alert,indians want to grab our assets,competing with China but lower than the value,our politicos searching from where they can get $$$,as commission, here and there the intention is same


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