The proposal to develop twenty-four (24) tanks at the Upper Tank Yard in Trincomalee under the Ceylon Petroleum Corporation (CPC) has received a Cabinet nod.
The Sri Lanka Government, Ceylon Petroleum Corporation, Ceylon Indian Oil Company, and Trincomalee Petroleum Terminal Company signed an agreement in January 2022 for the ownership, development, and utilization of the China Port Oil Tank.
As per the provisions of that agreement, 24 tanks at the Upper Tank Yard in Trincomalee had been leased to the CPC for 50 years from the date of commencement of the agreement.
The CPC has planned a three-year project and conducted initial project activities, inclusive of a feasibility study, to complete the development of the said oil tanks within three (03) years.
The approval of the relevant parties, including the Road Development Authority, Sri Lanka Railways, and the Marine Environment Protection Authority, had already been taken for that project.
Accordingly, the Cabinet of Ministers approved the proposal presented by the Minister of Power and Energy to implement the proposed project using funds of the CPC without burdening the Treasury. (Newswire)