The cabinet had approved a paper for developing 85 Petroleum Tanks to be developed with the assistance of India.
As per this 85 upper level Tanks are to be developed by a sub- company to be formed by the Lanka Indian Oil Company and the Petroleum Corporation. After the proposed development, 16 Tanks will be released to the Sri Lanka Petroleum Corporation for its exclusive use. Balance 69 tanks will be used by the Lanka Indian Oil Company for petroleum business for a period to be stipulated the Cabinet.
The Cabinet paper including this project was tabled in the cabinet by the Minister of Petroleum Resources, Arjuna Ranathunge.
It was learnt that the 15 tanks currently used by the LIOC will continue to be under the possession of the Sri Lankan Government.