Sri Lanka, India to partner on oil storage project
Sri Lanka´s State-run Ceylon Petroleum Corporation (CPC) and the local subsidiary of Indian Oil Corp have agreed to develop a strategic oil storage facility in Trincomalee. Sri Lanka is strategically located on a shipping route between Gulf oil exporters and Asian consumers, and the eastern port of Trincomalee served as a crucial Allied supply hub during World War Two.
´We are also focusing on new opportunities. Today Lanka IOC and Ceylon Petroleum Corporation have agreed to joint development of the upper tank farm of the China Bay installation in the Trincomalee on mutually agreed terms,´ PM Narendra Modi told reporters.