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India-Sri Lankan Deal on Oil Tanks hailed as ‘historic’
Jan. 10, 2022
Source: Daily News

India-Sri Lankan Deal on Oil Tanks hailed as ‘historic’

Sri Lanka and India on Thursday signed a fresh agreement on the 99 giant oil tanks in Trincomalee to supersede the controversial one signed 19 years ago in 2003. Through the new agreement, 85 of the 99 tanks will be under the control of Sri Lanka, either directly or indirectly, the latter being through a joint venture with India in which Sri Lanka will have a 51% share. Each tank can hold 12,000 mt of oil. The Sri Lankan Energy Minister Udaya Gammanpila described the new agreement as “historic” and the Indian High Commission tweeted to say that it is “a milestone in India-Sri Lanka economic and energy partnership.” The High Commission’s tweet further said: “Congratulations to all parties on signing the Agreement to develop Trincomalee Oil Tank Farm. Sincerely appreciate the guidance from leadership of India and Lanka and support from all Ministers and officials concerned.”

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