Sri Lanka plans new oil terminal with India

Sri Lanka

COLOMBO, January 6, 2022 – Sri Lanka has signed an agreement with India to build a 100-tank oil terminal at Trincomalee Port, Sri Lankan Minister of Energy Udaya Gammanpila announced on Tuesday.

According to the deal 24 of the 99 tanks will be delivered to Sri Lanka’s state-owned Ceylon Petroleum Corporation, 14 tanks will be managed by Indian Oil Corporation and the remaining 61 tanks will be managed by Trinco Petroleum Terminal.

The latter joint venture is owned by Ceylon Petroleum Corporation and Indian Oil Corporation’s subsidiary Lanka IOC with a 51:49 split in shares respectively.

The modernised 8-million-bpd facility will be located at the north-eastern port on a 3.53-square-kilometre defunct oil terminal originally built by the British during the Second World War.

Read our latest insights on: