14 oil tanks for LIOC, 61 to be jointly managed

COLOMBO (News 1st); The Minister of Energy, Udaya Gammanpila says that 14 oil tanks currently managed by LIOC at the Trincomalee oil tank farm will be further leased out to LIOC for another 50 years.

Meanwhile, 24 oil tanks will be maintained under the CPC, Minister Gammanpila stated.

Furthermore, he stated that 61 tanks will be jointly managed by the newly established Trinco Petroleum Terminals Ltd., which CPC will have 51% of the shares and LIOC 49% of the shares.

Speaking further, the Minister said that the Company is a subsidy of the CPC, and the directors, including the Chairman, will be appointed by the CPC. 

Moreover, this company can be summoned before the COPE and can be audited by the Auditor General and Parliamentarians can pose oral questions to the Subject Minister with regard to the subject.

Citing an incident where local officers were arrested in an attempt to enter the oil tank farm previously, the Minister said that to commemorate the success of the agreement, he will soon enter the oil tank farm with the same officers to hoist the Sri Lankan flag at the premises.