Cabinet Approval Sought to Expedite Trinco Oil Tank Farm Project
01.18.2023 By TankTerminals.com - NEWS

January 18, 2022 [Sri Lanka Mirror] – Cabinet approval has been sought to lease a 7.8 hectare area of land to the Ceylon Petroleum Corporation with effect from Jan. 06, 2022, in order to expedite the development of the Trincomalee Oil Tank Farm while implementing the relevant Quadripartite Agreement.

 

The Cabinet memorandum in this regard was tabled on Dec. 23 last year by Minister of Power and Energy – Kanchana Wijesekara.

On Jan. 06, 2022, the government of Sri Lanka inked a quadripartite agreement on January 06, with India to jointly develop the Trincomalee Oil Tank Farm. It was signed at the Finance Ministry with the Government of Sri Lanka, the Ceylon Petroleum Corporation (CPC), Lanka IOC and the subsidiary company Trinco Petroleum Terminal Pvt. Ltd. as the signatories.

In the subsidiary company named Trinco Petroleum Terminal Pvt. Ltd., established for the joint development of these 61 oil tanks, the CPC retained 51% while Lanka IOC held 49% of the issued shares of the joint venture company.

In parallel to that, the Commissioner General of Lands has leased a lot of land consisting of 24 oil tanks to the Ceylon Petroleum Corporation, while leasing another lot of land consisting of 14 oil tanks to the Lanka IOC PLC. In addition, a lot of land consisting of 61 oil tanks to Trinco Petroleum Terminal (Pvt.) Ltd. for 50 years.

Further, two plots of lands where the oil pipeline system is located, is to be leased to the Lanka IOC for 50 years, by keeping the right of way to the CPC and the Trinco Petroleum (Pvt.) Ltd.

In addition, the plot where 14 employee quarters of Lanka OIC are located is also to be leased to the Lanka IOC for 50 years.

Meanwhile, ‘The Hindu’ newspaper has reported that during the visit of Indian External Affairs Minister – S. Jaishankar later this week, talks are expected on two possible MoUs – on the Trincomalee development project and the long-pending plan for a cross-strait transmission line that would allow Sri Lanka access to India’s plans for an energy grid along with other countries like Nepal, Bhutan and Bangladesh.

“India is expected to give a positive response to Sri Lanka’s requirements, in keeping with India’s support last year as well,” the article had added, citing a source.

Pro Trial: Access 11,340 Tank Terminal and Production Facilities

11,340 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Canada Commits to Backing C$3 Billion in New Trans Mountain Oil Pipeline Loans
06.02.2023 - NEWS
June 2, 2023 [Reuters]- The Canadian government is backing up to C$3 billion ($2.24 billion) in l... Read More
Port Harcourt Refinery to Start Before End of 2023, says NNPC GMD
06.02.2023 - NEWS
June 2, 2023 [Business Day]- Mele Kyari, the Group Managing Director of the Nigerian National Pet... Read More
Par Pacific Completes Acquisition of ExxonMobil Billings Refinery and Related Upper Rockies Logistics System
06.02.2023 - NEWS
June 2, 2023[Par Pacific]- Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific”) announced ... Read More
Kinder Morgan to Increase Storage Capacity on its Texas Intrastate System
06.01.2023 - NEWS
June 1, 2023 [Kinder Morgan]- Kinder Morgan, Inc. (NYSE: KMI) today announced its plan to expand ... Read More