The government is eying generating foreign exchange through the redevelopment of the Trincomalee Oil Tank Complex, through Trinco Petroleum Terminal Ltd., a joint venture between India and Sri Lanka.
Energy Minister Engineer Kumara Jayakody made these comments while conducting an inspection of the Trincomalee Oil Tank Complex, and highlighted its role in the government’s efforts to generate foreign exchange and bolster the national economy.
The Minister’s office in a statement said that the collaboration with Lanka IOC and the Ceylon Petroleum Corporation (CPC), aims to develop the facility into a fuel storage and distribution hub.
During the visit, Minister Jayakody also inspected ongoing refurbishment work, including minor repairs and pipeline installations, to restore the British-era tanks for modern use.
These improvements will enable the complex to serve as a key component in supporting transportation, highways, ports, and civil aviation sectors, integrating them into a seamless fuel supply chain, the Minister’s office said.
Civil Aviation and Port Deputy Minister Ruwan Janith, who also participated in the tour noted of the global importance of Trincomalee Port, one of the largest natural harbors in the world.
He said that the integration of the oil tanks into the port’s operations would strengthen Sri Lanka’s position as a key player in international shipping and trade.
The redevelopment is being spearheaded by Trinco Petroleum Terminal Ltd. as part of a bilateral agreement.
The project, set to advance in the coming months, is expected to enhance the port’s capacity while generating significant economic benefits for the country, the Energy Ministry said. (Newswire)
Energy Minister inspects Trincomalee Oil Tanks, confirms plans for development under the joint venture with India pic.twitter.com/keqZclnpi2
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