Sri Lanka IOC-CPC joint venture to develop 9 tanks

Sri Lanka’s Indian Oil Corporation unit said nine tanks have been identified for development in the first phase of a joint venture with state-run Ceylon Petroleum Corporation.

The joint venture covers 61 tanks in the World War II era tank farm located near the North Western port of Trincomalee. LIOC already tanks in Trincomalee on a long term lease.

“The technical suitability has been completed and nine out of ten tanks were identified as suitable for the Phase 1 development stage,” Chairman Sujoy Choudhury told shareholders in the annual report.

Read more on Economy Next