India will have direct say in 75 of Trinco oil tanks
Posted on January 1st, 2022
Courtesy Ceylon Today
India will have a direct say in as many as 75 of the oil tanks in Trincomalee, with 14 of them to be retained by the Indian Oil company on lease for another 50 years.
The Ceylon Petroleum Corporation will manage the remaining 24, energy minister Udaya Gammanpila said.
He spoke to the media today (31) where he claimed talks with India on the oil tanks farm to be a success and the outcome a ‘historic victory’ for Sri Lanka.
LIOC will jointly manage 61 of the oil tanks along with the newly-formed Trinco Petroleum Terminals Ltd., he added.
The new company has 51 per cent of its shares with the CPC and 49 pc with the LIOC.
The positions of the chairman and four out of the seven members of its director board will be held by the CPC, Gammanpila said.
Its structure is such that it is audited by the auditor general and it could be summoned before the parliamentary committee on public enterprises (COPE), added the minister.