Trincomalee Fuel Tank Development Project Gets Green Light

COLOMBO (News 1st); Sri Lanka's Cabinet of Ministers approved the Minister of Power and Energy's proposal to initiate a procurement process for selecting a potential entrepreneur / investor for the first phase development plan of the Trincomalee Fuel Storage Project.

Development of the massive fuel storage project in Trincomalee's Upper Tank area is in full swing, adopting a Build-Operate-Transfer (BOT) business model for its execution.

The project envisions a total of 61 fuel storage tanks, carved out from the existing 99 tanks at China Harbour. 

As per the Cabinet approval granted on January 3, 2022, 61 tanks will be leased to Trincomalee Terminal Private Limited for a 50-year period.

Initial activities, including a feasibility study, have already begun. The study recommends a 16-year phased development plan.