January 3, 2022
1 min read

Lanka, India ink strategic Trincomalee oil tank deal

The agreement is also to help Sri Lanka to unlock $1.9 billion of support from India of which $400 million is a bank swap and $1.5 billion is in lines of credit. ….reports Asian Lite news

Sri Lanka is set to lease 14 of the 99 oil tanks in its strategic eastern port city Trincomalee to the India Oil Corporation (IOC) for 50 years, Petroleum Minister Udaya Gammanpila said on Friday.

Ending the long talks between India and Sri Lanka over the 99 World War II-era oil storage tanks to be leased to the IOC, he said 61 other tanks are to be developed under a newly-established joint venture company, Trinco-Petroleum Terminals Ltd.

“As a result of the agreement, 85 out of 99 tanks of the farm will be under the control of the CPC (the government-run Ceylon Petroleum Corporation), a total of 24 tanks directly by the CPC and 61 through the subsidiaries. Regaining the control of the Trinco oil tank farm by Sri Lanka is a historical victory,” Gammanpila told media.

PIc credits ANI

In 2003, the then Sri Lankan government headed by Ranil Wickremesinghe leased the 99 oil tanks for 35 years to India under an MoU.

Last week, Wickremesinghe had urged Sri Lankan government to expedite agreements with India and to facilitate the imports of oil and food to avert oncoming food crisis in the country.

The agreement is also to help Sri Lanka to unlock $1.9 billion of support from India of which $400 million is a bank swap and $1.5 billion is in lines of credit.

ALSO READ: SPECIAL 2022: Lanka falls into Chinese Debt Trap

Previous Story

Qureshi faces flak for insulting Saudi envoy

Next Story

Taliban stop Pak army from fencing border

Latest from Asia News

GAZA: Egypt to Host Peace Talks

Egypt hopes the discussions will help “end the war and the suffering of the brotherly Palestinian people, which has continued for two consecutive years…reports Asian Lite News Egypt will host Israeli and

Japan Set for First Female PM

Takaichi, 64, defeated Agriculture Minister Shinjiro Koizumi in a closely contested runoff vote, succeeding Prime Minister Shigeru Ishiba as party leader….reports Asian Lite News Former Internal Affairs Minister Sanae Takaichi has won

70 Killed in Gaza Strikes

Gaza City, which has been at the heart of Israel’s military campaign, saw the highest number of casualties….reports Asian Lite News At least 70 Palestinians, including seven children aged between two months

Pakistan Faces Backlash Over NGO, Media Attacks

Human rights groups criticised the Pakistani government for a “deeply irresponsible” smear campaign against media and NGOs….reports Asian Lite News Several human rights organisations and advocacy groups have criticised the Pakistani government

Afghanistan Offline: 72 Hours of Chaos

Afghanistan restores internet after three-day blackout; humanitarian aid, trade, and banking resume slowly, while UN warns repeated disruptions threaten recovery and livelihoods for millions of citizens. Internet and telecom services were partially
Go toTop

Don't Miss

India hands over 12 high-speed guard boats to Vietnam

Speaking at the event, the Indian defence minister said this

Banking’s 10-Year Evolution

Limited progress in fully divesting government ownership from public sector