The Ceylon Petroleum Corporation (CPC) is set to begin the development of 24 oil tanks at the Upper Tank Yard in Trincomalee, advancing a long-term plan to establish the area as a regional energy and industrial hub.
This initiative follows a June 2022 agreement between the government, CPC, Lanka IOC, and the Trincomalee Petroleum Terminal Company for the completion of the Trincomalee Tank Farms.
Under the agreement, CPC secured a 50-year lease for the 24 tanks, with a three-year timeline for their development.
Following a detailed feasibility study and approvals from regulatory bodies such as the Road Development Authority, Sri Lanka Railways, and the Marine Environment Protection Authority, CPC is now set to commence construction.
The Cabinet of Ministers recently approved the proposal, allowing CPC to fund the development using its own resources, ensuring that the project progresses without financial strain on the General Treasury.