CPC to develop twenty-four (24) tanks at the Upper Tank Yard in Trincomalee

The Sri Lanka Government, Ceylon Petroleum Corporation, Ceylon Indian Oil Company, and Trincomalee Petroleum Terminal Company signed an agreement on 06-01-2022 for the ownership, development, and utilization of the China Port Oil Tank.

As per the provisions of that agreement, twenty-four (24) tanks at the Upper Tank Yard in Trincomalee had been leased to the Ceylon Petroleum Corporation for a period of 50 years from the date of commencement of the agreement.

The Ceylon Petroleum Corporation has planned a three-year project and conducted initial project activities, inclusive of a feasibility study with the objective of completion of 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 obtained for that project.

Accordingly, the Cabinet of Ministers has approved the proposal presented by the Minister of Power and Energy to implement the proposed project funded by the Ceylon Petroleum Corporation without burdening  the General Treasury.