Trinco Petroleum Terminal : An attempt to provide Oil Tank Farm completely to India?
Posted on January 7th, 2022
Written by Staff Writer Courtesy News 1st
COLOMBO (News 1st); Sri Lankan Trade Unions have raised concerns with regard to the agreement on the Trincomalee Oil Tank Complex, citing that the agreement could be an attempt completely have over the facility to India.
Meanwhile, in Trincomalee in the presence of Minister of Mass Media Dullas Alahapperuma, the Maha Sangha warned that they would have to take to the streets to protect national resources.
The government has planned to divide the 99 tanks and 827 acres of land in the oil tank complex near the Trincomalee port into three parts and hand them over to three companies for a period of 50 years.
As per the resolution approved by the Cabinet in late December 2021, 14 tanks are to be leased to the Lanka IOC, 24 tanks to the Ceylon Petroleum Corporation, and the remaining 61 tanks to a joint venture between India and the Ceylon Petroleum Corporation.
A new company has already been registered to lease 61 tanks and the land for 50 years.
This new venture is called the Trinco Petroleum Terminal Pvt.
According to the government, the CPC owns 51 percent of the company and the Lanka IOC will own the remaining 49 percent.
According to data from the Registrar of Companies, the company is currently registered and its sole shareholder is the Petroleum Corporation.
Its current chairman Sumith Wijesinghe has been appointed as the sole director.
There are now mounting concerns over the future of Trinco Petroleum Terminal Pvt.