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The government plans to sign an agreement with India to jointly operate the Trincomalee Oil Tank Complex with Lanka IOC PLC next week following Cabinet approval this week. The Cabinet of Ministers on Monday approved a Cabinet memo by Energy Minister Udaya Gammanpila to allocate 24 oil tanks to Ceylon Petroleum Corporation (CPC), 14 tanks of the lower oil tank complex already used by Lanka IOC for its business activities and to jointly develop the remaining 61 tanks under a project company called Trinco Petroleum Terminal Pvt. Ltd. Accordingly, the government is expected to handover the oil tank complex to the three companies for 50 years on lease basis. Trinco Petroleum Terminal Pvt. Ltd was established as a fully owned subsidiary of CPC. However, under the agreement with India, 49 percent of the company would be handed over to Lanka IOC while CPC retaining controlling stake in the company.