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22 March, 2013 06:57 AM Source: Financial Times - Sri Lanka
IOC.jpg

The Government is deliberating on removing a strategically important oil farm from an Indian petroleum company, which could have deep effects on international investments in the island, a top official said here on Thursday.

Government Spokesman and Media Minsiter Keheliya Rambukwella confirmed that discussions were underway to determine whether or not the Trincomalee Oil Tank Farm in the Eastern Province of the country should be taken from Lanka Indian Oil Company (LIOC), which is a subsidiary of the Fortune 500 Indian Oil Company (IOC).

The tank farm consisting of 99 tanks is located on an 850-acre block of land. Each of the tanks has a holding capacity of 12,100 kilolitres of oil. It is located near the Trincomalee Harbour, which is strategically important to India because of its proximity to the subcontinent as well as being one of the largest tank farms between the Middle East and Singapore. More...

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