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Who owns 49% of Trincomalee oil tank?
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Indian Oil was given a 50-year lease over 14 tanks. An additional 61 tanks were given to a new company jointly owned by Indian Oil (49%) and Sri Lanka’s Ceylon Petroleum. India was also given an effective veto over the development of the remaining tanks.
Jan 3, 2022 · Last week, Sri Lanka’s Energy Minister Udaya Gammanpila announced that the Indian Oil Subsidiary Lanka IOC would be given 49% stake in the joint development of the Trincomalee Oil Tank farm, with Ceylon Petroleum Corporation keeping 51%.
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1 day ago · The Trincomalee Oil Tank Complex Development Project was approved by the Cabinet of Ministers on 4 January 2022. Accordingly, it was decided that 24 of the 99 tanks would be given to the CPC, 14 tanks to LIOC, and 61 tanks to TPTL – the latter on a 50-year lease – with the CPC having the majority stake in the subsidiary.
Jan 6, 2022 · ECONOMYNEXT – Sri Lanka’s state-run Ceylon Petroleum Corporation (CPC) signed an agreement with Lanka IOC, a subsidiary of state-owned Indian Oil Corporation, on Thursday (06) to jointly develop the Trincomalee oil tank farm, Energy Minister Udaya Gammanpila said.
Jan 3, 2022 · Recently, Sri Lanka announced that the Indian Oil Subsidiary Lanka IOC would be given 49% stake in the joint development of the Trincomalee Oil Tank farm, with Ceylon Petroleum Corporation keeping 51%. Why has this become a historical deal?
Dec 28, 2021 · In the coming days, India and Sri Lanka are going to sign the long pending deal to jointly develop the Trincomalee oil tank farms. The signing of the deal will reflect a positive sign, amidst strained relationship between the two countries. Key Points. About Trincomalee Oil Tank Farms:
Jan 3, 2022 · Recently it was announced, that Indian Oil Subsidiary Lanka IOC would be given 49% stake in the joint development of the Trincomalee Oil Tank farm with Ceylon Petroleum Corporation keeping 51%. This arrangement is for the next 50 years.
