Today: 28 August 2025
3 January 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

Xi to Personally Welcome Modi, Putin   

Analysts suggest that Xi is intent on using the Tianjin summit to showcase an emerging multipolar world order, distinct from Western-led institutions Chinese President Xi Jinping will personally welcome Prime Minister Narendra

India Condemns Killing of Journalists in Gaza

An Israeli airstrike on Nasser Hospital in southern Gaza killed at least 20 people, including five journalists…reports Asian Lite News Expressing “deep regret” over the killing of journalists in Gaza’s Khan Younis,

‘FAMINE’

UN Secretary-General Antonio Guterres says living situation in Gaza can be described as “famine”…reports Asian Lite News United Nations (UN) Secretary-General Antonio Guterres said that the word “famine” could be used to

Qatar: Syria’s stability key to region

Qatar, speaking for the Arab Group at the UN, urged unity and sovereignty for Syria as regional diplomacy, UN warnings, and fragile ceasefires highlight a precarious crossroads….reports Asian Lite News Qatar, speaking

Arab fury at Israel’s land grab

Arab League and world powers condemn Israel’s E1 settlement approval, warning it threatens a Palestinian state, breaches international law, fuels instability, and worsens Gaza’s dire humanitarian crisis….reports Asian Lite News The League
Go toTop

Don't Miss

Reliance’s story has no final chapter

Speaking at the Reliance Family Day event, Ambani shared imperatives

Iran, Israel ties a source of concern, says Jaishankar  

S Jaishankar, on a two-day visit to Bahrain from Saturday,