17 October 2018 03:44 pm
Speaking to the Media at the Ministry yesterday, Minister Ranatunga said his Ministry had no intention to sell the Trincomalee Oil Tank Farm and will not engage in any agreement that brings disadvantage to the country.
Therefore, the Ceylon Petroleum Corporation (CPC) had decided to launch a joint venture programme with the Indian Oil Company (IOC) to develop the remaining 85 Oil Tanks.
"Another financial contract need to be signed along with the agreement, but it was not signed as yet. 15 oil tanks are already being used by the IOC following an agreement signed between Sri Lanka and India in 2003 and it will remain for another 18 years," he said.
With the possible launching of the joint venture programme, 16 tanks would be retained for the use of CPC and the remainder would be developed and maintained as a joint venture by the CPC and the LIOC.
As a responsible Minister, I have decided to submit a Cabinet paper to keep the land ownership of the Trincomalee oil tank farm under the Government of Sri Lanka.
The retained 16 oil tanks will facilitate in expediting transportation of fuel in the Northern and Eastern provinces. This would help the ministry to save the transportation cost to bring fuel from Colombo. (Chaturanga Samarawickrama)
Pix by Nisal Baduge