Lanka IOC has taken steps to lease 14 oil tanks in Trincomalee, to the same company which they are being currently managed, for another 50 years.
The remaining 61 oil tanks in Trincomalee will be jointly managed by the newly established Trinco Petroleum Terminals, said Energy Minister Udaya Gammanpila.
Ceylon Petroleum Corporation owns 51% of the new company.
The remaining 49% will be owned by Lanka IOC.
Built over an area of 123 acres in Trincomalee, this tank farm complex includes 91 large scale oil tanks.
