Today: 30 May 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

White House: Israel OKs Gaza Truce

Hamas said Thursday that its leadership had received a new Gaza ceasefire proposal from Witkoff through the mediators and was studying it…reports Asian Lite News The White House said that Israel has

Islamabad-Ankara-Baku Axis Sharpens Against India

Both Turkey and Azerbaijan have openly expressed solidarity with Pakistan and backed Islamabad in its military standoff with India, this month….reports Asian Lite News The evolving alliance between Islamabad, Ankara, and Baku

Qatar Stands With India on Terror

Khulaifi conveyed Qatar’s solidarity with India and its policy of zero tolerance against terrorism for regional stability…reports Asian Lite News Qatar’s Foreign Affairs Minister Mohamed bin Abdulaziz bin Saleh Al Khulaifi expressed

UAE bakery aid reaches Gaza

The convoy is a crucial component of the UAE’s ongoing humanitarian strategy under Operation Chivalrous Knight 3, which prioritises urgent food aid. A major humanitarian relief convoy has successfully entered the Gaza

Erdogan’s Turkey Turns on India

Under Erdogan, Turkey-Pakistan ties have transformed into structured military cooperation, encompassing defence production, training, joint operations, and strategic alignment….writes Baidya Bikash Basu New Delhi: Under Turkish President Recep Tayyip Erdogan’s rule, Turkey
Go toTop

Don't Miss

UNSC resolution against terrorism in Afghanistan applies to JeM, LeT: Shringla

The resolution was adopted on Monday under India’s presidency by

‘India will strive and thrive in its G20 presidency’

Jaishankar, who is on a visit to Uganda and Mozambique,