Sri Lanka, March 4 -- The Cabinet of Ministers has approved a proposal for the development of twenty-four (24) oil tanks at the Upper Tank Yard in Trincomalee.

An agreement for the ownership, development, and utilization of the China Port Oil Tank was signed on January 6, 2022, between the Sri Lankan Government, Ceylon Petroleum Corporation (CPC), Ceylon Indian Oil Company, and Trincomalee Petroleum Terminal Company. Under the agreement, the CPC was granted a 50-year lease for the twenty-four tanks at the Upper Tank Yard in Trincomalee.

The CPC has initiated a three-year project, including a feasibility study, to complete the development of the tanks. Relevant approvals have been obtained from the Road Development Authority, Sri Lanka R...