President Anura Kumara Dissanayake has announced plans to establish a joint venture between the Ceylon Petroleum Corporation (CPC) and an Indian company to develop the remaining Trincomalee Oil Tank Complex.
The initiative aims to modernize the historic facility and position Sri Lanka as a key player in the global oil trade.
The Trincomalee complex, consisting of 99 tanks with a total storage capacity of 1 million metric tons, has largely remained underutilized since its acquisition from a British company in the 1960s.
President Dissanayake said that 24 tanks have been allocated to the CPC for regional oil distribution, while 9 to 10 tanks are managed by the Indian Oil Corporation (IOC).
“We are in discussions to establish a joint venture between the CPC and an Indian company to manage these tanks. We aim to upgrade these facilities, refine crude oil, and store it for export to the global market, thereby transforming Sri Lanka into a key player in the international oil trade,” he said. (Islandnews)
