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CPC mulls $ 20-30 m investment to develop 25 oil tanks in Trincomalee

The Ceylon Petroleum Corporation (CPC) is to develop 25 oil tanks in Trincomalee with an estimated investment of $20-30 million, a top official told the Daily FT.

“We requested government support to take over 25 oil tanks from the remaining 84 tanks and renovate them” CPC Chairman Sumith Wijesinghe said.

During the previous regime the Cabinet approved a proposal to have complete land ownership under Government, hand over the complete ownership of 15 tanks to LIOC.

However, the CPC Chairman said lack of Government enthusiasm to engage with all parties involved in the project previously ended up with no progress on the Trincomalee oil tanks.

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