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Subsidiary formed under CPC to develop Trinco oil tank farm
29 Dec, 2021
A subsidiary has been formed under the Ceylon Petroleum Corporation (CPC) to develop the Trincomalee oil tank farm, Energy Minister Udaya Gammanpila said.
Gammanpila said the subsidiary has been named the Trinco Petroleum Terminal Ltd.
Sri Lanka is expected to sign the controversial Trincomalee oil tank farm deal with India in a month.
?We have been negotiating this for 16 months, and we are now very close to finalising the terms of the Trincomalee project with India. We hope to sign the agreement in a month,? Energy Minister Udaya Gammanpila had told The Hindu?on Sunday.
The Minister said he has instructed the Ceylon Petroleum Corporation (CPC) to form the new subsidiary company, Trinco Petroleum Terminal Ltd., for the purpose. The move follows President Gotabaya Rajapaksa?s nod to setting up the special purpose vehicle ahead of the next Cabinet meeting. ?We don?t have a Cabinet meeting this week because of the holidays. We will get the decision ratified in the next one,? Gammanpila said.
If the deal is finalised and signed next month, it will not only mark the culmination of India?s 16-month-long negotiation with the ruling Rajapaksa administration but will also give shape to a proposal envisaged 35 years ago, in the Indo-Lanka Accord.? (Colombo Gazette)
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