Srilanka, March 4 -- The Cabinet has approved the development of 24 oil tanks at the Trincomalee Upper Tank Yard, following an agreement signed on January 6, 2022, between the Sri Lankan Government, Ceylon Petroleum Corporation (CPC), Ceylon Indian Oil Company (LIOC), and Trincomalee Petroleum Terminals Company.

Under this agreement, 24 tanks have been leased to CPC for 50 years. A three-year development plan was formulated, and preliminary work, including a feasibility study, has been completed. Necessary approvals from relevant authorities, including the Road Development Authority, Sri Lanka Railways, and the Marine Environment Protection Authority, have also been secured.

The Cabinet has approved the Minister of Energy's proposal to...