It is reported that the agreement to develop the Trincomalee oil tank complex was signed yesterday evening (06).

The signatories to the agreement include the Secretary to the Treasury, the Commissioner-General of Lands, the Ceylon Petroleum Corporation, the Ceylon IOC and Trinco Petroleum Terminal Pvt. Ltd.

Accordingly, 24 fuel tanks will be allocated for the business activities of the Ceylon Petroleum Corporation.

Lanka IOC is allocating 14 tanks in its existing Lower Tank Complex for its operations. Only 14 tanks used by IOC will be leased to them for another 50 years.

The agreement will develop the remaining 61 tanks through a company called Trinco Petroleum Terminal Pvt. Ltd., in which the Ceylon Petroleum Corporation will own 51% and Lanka IOC 49%.