• Latest
  • Trending
Sri Lanka and India sign “historic” agreement on Trincomalee oil tanks

Sri Lanka and India sign “historic” agreement on Trincomalee oil tanks

January 7, 2022
Tory peer accused of ‘racially charged’ attack on BBC Modi documentary

Tory peer accused of ‘racially charged’ attack on BBC Modi documentary

January 30, 2023
Robert Clive and the taking of India

Robert Clive and the taking of India

January 30, 2023
Gandhi’s influence on Sri Lanka’s non-violent Independence struggle

Gandhi’s influence on Sri Lanka’s non-violent Independence struggle

January 30, 2023
The Mughals gave India the concept of a “pleasure garden” 

The Mughals gave India the concept of a “pleasure garden” 

January 30, 2023
Electricity

Power cut schedule for today in Sri Lanka: January 30th

January 30, 2023
Maldivian President Solih’s controversial win in party primary ahead of Presidential poll

Maldivian President Solih’s controversial win in party primary ahead of Presidential poll

January 30, 2023
Jaishankar’s visit reset bilateral relations, says Sri Lankan envoy

Jaishankar’s visit reset bilateral relations, says Sri Lankan envoy

January 30, 2023
Excited fans damage theatres showing Pathaan

Excited fans damage theatres showing Pathaan

January 30, 2023
The world is tired Of United States’ wars

The world is tired Of United States’ wars

January 30, 2023
Lanka informed by IMF that Chinese proposal on debt restructuring is not adequate

Lanka informed by IMF that Chinese proposal on debt restructuring is not adequate

January 30, 2023
Lankan envoy meets Indian Chief of Defense Staff, Gen. Anil Chauhan

Lankan envoy meets Indian Chief of Defense Staff, Gen. Anil Chauhan

January 27, 2023
Eggs

India to export 50 million eggs to Malaysia

January 27, 2023
  • About Us
  • Advertisements
  • Privacy Policy
  • Contact
Monday, January 30, 2023
No Result
View All Result
NewsIn.Asia
  • Home
  • Around South Asia
    • All
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
    Tory peer accused of ‘racially charged’ attack on BBC Modi documentary

    Tory peer accused of ‘racially charged’ attack on BBC Modi documentary

    Robert Clive and the taking of India

    Robert Clive and the taking of India

    Gandhi’s influence on Sri Lanka’s non-violent Independence struggle

    Gandhi’s influence on Sri Lanka’s non-violent Independence struggle

    The Mughals gave India the concept of a “pleasure garden” 

    The Mughals gave India the concept of a “pleasure garden” 

    Electricity

    Power cut schedule for today in Sri Lanka: January 30th

    Maldivian President Solih’s controversial win in party primary ahead of Presidential poll

    Maldivian President Solih’s controversial win in party primary ahead of Presidential poll

    Jaishankar’s visit reset bilateral relations, says Sri Lankan envoy

    Jaishankar’s visit reset bilateral relations, says Sri Lankan envoy

    Excited fans damage theatres showing Pathaan

    Excited fans damage theatres showing Pathaan

    Lanka informed by IMF that Chinese proposal on debt restructuring is not adequate

    Lanka informed by IMF that Chinese proposal on debt restructuring is not adequate

  • World
    • All
    • Japan
    • Russia
    • United Kingdom
    • United States
    Tory peer accused of ‘racially charged’ attack on BBC Modi documentary

    Tory peer accused of ‘racially charged’ attack on BBC Modi documentary

    Robert Clive and the taking of India

    Robert Clive and the taking of India

    Gandhi’s influence on Sri Lanka’s non-violent Independence struggle

    Gandhi’s influence on Sri Lanka’s non-violent Independence struggle

    The world is tired Of United States’ wars

    The world is tired Of United States’ wars

    Eggs

    India to export 50 million eggs to Malaysia

    Vaping

    Researchers uncover new negative effects of vaping

    Donald Trump

    Meta says it will restore Donald Trump’s Facebook and Instagram accounts

    Paris. Image credits - Alexander Kagan allewollenalex / Unsplash

    World’s ‘most powerful’ tourism city revealed

    "Avatar: The Way of Water" has soared into the $2 billion club of top grossing movies worldwide.

    ‘Avatar: The Way of Water’ crosses $2 billion mark in worldwide box office

  • Business
  • Politics
  • Sports
  • Entertainment
    • All
    • Books
    • Gaming
    • Movie
    • Music
    • Series
    "Avatar: The Way of Water" has soared into the $2 billion club of top grossing movies worldwide.

    ‘Avatar: The Way of Water’ crosses $2 billion mark in worldwide box office

    Pathaan

    Posters of Shah Rukh Khan’s Pathaan torn down and burnt outside cinemas in India

    Oscars 2023

    Oscars 2023: ‘Everything Everywhere All At Once’ leads nominations

    Much-awaited Sri Lankan 3D animation movie “Gajaman” coming to theatres

    Much-awaited Sri Lankan 3D animation movie “Gajaman” coming to theatres

    Prince William and Prince Harry arrive at the Canadian National Vimy Memorial in Vimy, France on April 9, 2017.. Image credits - Jack Taylor/Getty Images/File

    Prince Harry’s ‘Spare’ creates world record, becomes fastest selling non-fiction book

    Cocaine Bear (Credit: Universal Pictures)

    20 of the best films to watch in 2023

    Avatar

    Avatar: The Way Of Water passes USD 1B at the global box office

    (Image credit: Alamy)

    The 20 best films of 2022

    Harry and Meghan

    ‘Harry & Meghan’ is Netflix’s most watched documentary debut in its first week

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Science
    • Travel
    Vaping

    Researchers uncover new negative effects of vaping

    Paris. Image credits - Alexander Kagan allewollenalex / Unsplash

    World’s ‘most powerful’ tourism city revealed

    Image credits - NASA nasa / Unsplash

    Earth’s inner core may have started spinning other way

    Global citizenship and residence advisory firm Henley & Partners has released its quarterly report on the world's most desirable passports. Click on to find out which passport offers the most access in 2023. Justin Sullivan/Getty Images

    The world’s most powerful passport for 2023 revealed

    Image credits - Tetiana Bykovets tetiana_bykovets / Unsplash

    New research reveals reason why chocolate tastes so good

    NASA’s Webb telescope

    Extraterrestrial wonders: Webb Telescope detects its 1st exoplanet

    Asafoetida plant. Photo via Adobe Stock.

    The most controversial ingredient in Indian food

    Best diet for 2023 is the science-backed Mediterranean style of eating

    Best diet for 2023 is the science-backed Mediterranean style of eating

    Airport Colombo

    Sri Lanka Airport Departure / Arrival immigration cards now online

    Dear Sri Lankans, why are you so happy this Christmas? I don’t get it

    Dear Sri Lankans, why are you so happy this Christmas? I don’t get it

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Tech
    Donald Trump

    Meta says it will restore Donald Trump’s Facebook and Instagram accounts

    WhatsApp

    5 great new features coming to WhatsApp in 2023

    Binance

    Binance is now authorised in seven EU Member States and fifteen jurisdictions worldwide

    Elon Musk

    Elon Musk breaks world record for largest loss of personal fortune in history

    Microsoft

    Microsoft in talks to invest $10 bln in ChatGPT owner – Semafor

    Hackers. Image credits - Kevin Ku ikukevk / Unsplash

    Twitter hacked, 200 million email addresses leaked: Researcher

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Coronavirus
  • Videos
  • Home
  • Around South Asia
    • All
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
    Tory peer accused of ‘racially charged’ attack on BBC Modi documentary

    Tory peer accused of ‘racially charged’ attack on BBC Modi documentary

    Robert Clive and the taking of India

    Robert Clive and the taking of India

    Gandhi’s influence on Sri Lanka’s non-violent Independence struggle

    Gandhi’s influence on Sri Lanka’s non-violent Independence struggle

    The Mughals gave India the concept of a “pleasure garden” 

    The Mughals gave India the concept of a “pleasure garden” 

    Electricity

    Power cut schedule for today in Sri Lanka: January 30th

    Maldivian President Solih’s controversial win in party primary ahead of Presidential poll

    Maldivian President Solih’s controversial win in party primary ahead of Presidential poll

    Jaishankar’s visit reset bilateral relations, says Sri Lankan envoy

    Jaishankar’s visit reset bilateral relations, says Sri Lankan envoy

    Excited fans damage theatres showing Pathaan

    Excited fans damage theatres showing Pathaan

    Lanka informed by IMF that Chinese proposal on debt restructuring is not adequate

    Lanka informed by IMF that Chinese proposal on debt restructuring is not adequate

  • World
    • All
    • Japan
    • Russia
    • United Kingdom
    • United States
    Tory peer accused of ‘racially charged’ attack on BBC Modi documentary

    Tory peer accused of ‘racially charged’ attack on BBC Modi documentary

    Robert Clive and the taking of India

    Robert Clive and the taking of India

    Gandhi’s influence on Sri Lanka’s non-violent Independence struggle

    Gandhi’s influence on Sri Lanka’s non-violent Independence struggle

    The world is tired Of United States’ wars

    The world is tired Of United States’ wars

    Eggs

    India to export 50 million eggs to Malaysia

    Vaping

    Researchers uncover new negative effects of vaping

    Donald Trump

    Meta says it will restore Donald Trump’s Facebook and Instagram accounts

    Paris. Image credits - Alexander Kagan allewollenalex / Unsplash

    World’s ‘most powerful’ tourism city revealed

    "Avatar: The Way of Water" has soared into the $2 billion club of top grossing movies worldwide.

    ‘Avatar: The Way of Water’ crosses $2 billion mark in worldwide box office

  • Business
  • Politics
  • Sports
  • Entertainment
    • All
    • Books
    • Gaming
    • Movie
    • Music
    • Series
    "Avatar: The Way of Water" has soared into the $2 billion club of top grossing movies worldwide.

    ‘Avatar: The Way of Water’ crosses $2 billion mark in worldwide box office

    Pathaan

    Posters of Shah Rukh Khan’s Pathaan torn down and burnt outside cinemas in India

    Oscars 2023

    Oscars 2023: ‘Everything Everywhere All At Once’ leads nominations

    Much-awaited Sri Lankan 3D animation movie “Gajaman” coming to theatres

    Much-awaited Sri Lankan 3D animation movie “Gajaman” coming to theatres

    Prince William and Prince Harry arrive at the Canadian National Vimy Memorial in Vimy, France on April 9, 2017.. Image credits - Jack Taylor/Getty Images/File

    Prince Harry’s ‘Spare’ creates world record, becomes fastest selling non-fiction book

    Cocaine Bear (Credit: Universal Pictures)

    20 of the best films to watch in 2023

    Avatar

    Avatar: The Way Of Water passes USD 1B at the global box office

    (Image credit: Alamy)

    The 20 best films of 2022

    Harry and Meghan

    ‘Harry & Meghan’ is Netflix’s most watched documentary debut in its first week

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Science
    • Travel
    Vaping

    Researchers uncover new negative effects of vaping

    Paris. Image credits - Alexander Kagan allewollenalex / Unsplash

    World’s ‘most powerful’ tourism city revealed

    Image credits - NASA nasa / Unsplash

    Earth’s inner core may have started spinning other way

    Global citizenship and residence advisory firm Henley & Partners has released its quarterly report on the world's most desirable passports. Click on to find out which passport offers the most access in 2023. Justin Sullivan/Getty Images

    The world’s most powerful passport for 2023 revealed

    Image credits - Tetiana Bykovets tetiana_bykovets / Unsplash

    New research reveals reason why chocolate tastes so good

    NASA’s Webb telescope

    Extraterrestrial wonders: Webb Telescope detects its 1st exoplanet

    Asafoetida plant. Photo via Adobe Stock.

    The most controversial ingredient in Indian food

    Best diet for 2023 is the science-backed Mediterranean style of eating

    Best diet for 2023 is the science-backed Mediterranean style of eating

    Airport Colombo

    Sri Lanka Airport Departure / Arrival immigration cards now online

    Dear Sri Lankans, why are you so happy this Christmas? I don’t get it

    Dear Sri Lankans, why are you so happy this Christmas? I don’t get it

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Tech
    Donald Trump

    Meta says it will restore Donald Trump’s Facebook and Instagram accounts

    WhatsApp

    5 great new features coming to WhatsApp in 2023

    Binance

    Binance is now authorised in seven EU Member States and fifteen jurisdictions worldwide

    Elon Musk

    Elon Musk breaks world record for largest loss of personal fortune in history

    Microsoft

    Microsoft in talks to invest $10 bln in ChatGPT owner – Semafor

    Hackers. Image credits - Kevin Ku ikukevk / Unsplash

    Twitter hacked, 200 million email addresses leaked: Researcher

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Coronavirus
  • Videos
NewsIn.Asia
No Result
View All Result
Home Development news

Sri Lanka and India sign “historic” agreement on Trincomalee oil tanks

Editor by Editor
January 7, 2022
in Development news, Diplomacy, Economy, India, Sri Lanka, Top Story
Reading Time: 5 mins read
16 1
A A
Sri Lanka and India sign “historic” agreement on Trincomalee oil tanks

Signing of the Trinco oil tanks agreement in Colombo on January 6, 2022

Share on WhatsApp

By P.K.Balachandran

Colombo, January 6 (newsin.asia): Sri Lanka and India on Thursday signed a fresh agreement on the 99 giant oil tanks in Trincomalee to supersede the controversial one signed 19 years ago in 2003.

Through the new agreement, 85 of the 99 tanks will be under the control of Sri Lanka, either directly or indirectly, the latter being through a joint venture with India in which Sri Lanka will have a 51% share. Each tank can hold 12,000 mt of oil.

ADVERTISEMENT

Subscribe to our Telegram channel for the latest updates from around the world

The Sri Lankan Energy Minister Uday Gammanpila described the new agreement as “historic” and the Indian High Commission tweeted to say that it is “a milestone in India-Sri Lanka economic and energy partnership.” The High Commission’s tweet further said: “ Congratulations to all parties on signing the Agreement to develop Trincomalee Oil Tank Farm. Sincerely appreciate the guidance from leadership of India and Lanka and support from all Ministers and officials concerned.”

It is reliably learnt that the President of Sri Lanka, Gotabaya Rajapaksa, acknowledged the unique role played by Minister Gammanpila in arriving at this agreement and said that only Gammanpila could have brought it about. The Minister is an outspoken Sri Lankan nationalist, and with him working out the agreement, it is expected to go down well with the island’s nationalists, who have been wanting Sri Lanka to retrieve the tanks given to India by an agreement in 2003. “What no government could do in 19 years has been achieved now,” Gammanpila said with satisfaction.

READ: The context of Wang Yi’s swing through the Indian Ocean Region

In the annexure of the India-Lanka Accord of 1987, India had proposed to run the tanks through a joint venture with Sri Lanka, which the latest agreement envisages.          

The signatories to Thursday’s agreement were the Sri Lankan Treasury Secretary, the Commissioner-General of Lands, the Ceylon Petroleum Corporation (CPC), the Lanka Indian Oil Corporation (LIOC), and the Trinco Petroleum Terminal Ltd.

Trincomalee oil tanks in China Bay Trincomalee

READ: Sri Lanka yet to finalize its offer for world’s largest blue sapphire; expects over US$ 100 mn

Distribution of Tanks

At a press conference held earlier, the Minister said that the State-owned Ceylon Petroleum Corporation (CPC) will get 24 tanks to develop and use independently of the Lanka Indian Oil Corporation (LIOC); 14 of the tanks, currently used by the LIOC, will be leased to the LIOC for 50 years; and the balance of 61 tanks will be managed by the Trinco Petroleum Terminal Ltd.,(TPTL) a joint venture of the CPC and LIOC to be launched soon. In the TPTL, the CPC will own 51% of the shares and the LIOC will hold 49%. The TPTL will be a subsidiary of the CPC.

In effect, 85 out of the 99 tanks will be under the control of the CPC directly or indirectly. And the LIOC will manage only 14 tanks, Gammanpila said.

READ: Easter Sunday blasts still torment Lankan Christians and Muslims

Udaya Gammanpila, Lankan Energy Minister

The Controversy

Tracing the history of the controversial tank farm issue, Gammanpila said that by the India-Sri Lanka Accord of July 29, 1987, the two countries were to jointly develop the tanks. India’s interest in these 99 tanks, each of which could hold 12,000 metric tons of oil, was more strategic than economic. India was wary about the tanks going into the hands of countries inimical to India. It therefore desired the development of the tanks by an Indo-Lankan joint venture.

However, no joint venture was formed and the unused tanks continued to gather dust. But on February 7, 2003, the Ranil Wickremesinghe government handed over all the 99 tanks to India on a 35-year lease. The Lanka Indian Oil Corporation (LIOC), a subsidiary of the Indian Oil Corporation (IOC), developed some tanks and has been using 14 of them after refurbishing them at a cost of US$ 1 million per tank. As a lease payment, LIOC has been giving US$ 100,000 per year.

In 2017, when Ranil Wickremesinghe was back in power as Prime Minister, an attempt was made by his government to take a part of the tank farm on lease from the LIOC. But this move was unsuccessful.

Asked if the CPC, which is a loss-making public sector undertaking, has the money to refurbish the tanks it will take over, the Minister said that all the tanks will not be refurbished and used at one go. It will be done step by step and added that the cost of refurbishment per tank, is not unbearable. “It costs US$ 1 million per tank, and that is affordable,” he said.

Asked if the renovated tanks can be used at this juncture, given the dire state of the Sri Lankan economy, Gammanpila said that the tanks can be used to store non petroleum products also. They can also be rented out to parties wanting storage space, as so many countries do. They can be used to store oil purchased when the international prices go down.

Security Assurance to India

There are indications from the Sri Lankan government, that in view of the security concerns India has vis-a-vis the oil tanks, Colombo will give a “written assurance” that nothing will be done in regard to the tanks which will endanger India’s security.

END     

For similar articles, join our Telegram channel for the latest updates. – click here     

Tags: Sri LankaTrincomalee Oil Tanks

Related Posts

Tory peer accused of ‘racially charged’ attack on BBC Modi documentary
Diplomacy

Tory peer accused of ‘racially charged’ attack on BBC Modi documentary

January 30, 2023
Robert Clive and the taking of India
India

Robert Clive and the taking of India

January 30, 2023
Gandhi’s influence on Sri Lanka’s non-violent Independence struggle
India

Gandhi’s influence on Sri Lanka’s non-violent Independence struggle

January 30, 2023
The Mughals gave India the concept of a “pleasure garden” 
Culture

The Mughals gave India the concept of a “pleasure garden” 

January 30, 2023
Electricity
Around South Asia

Power cut schedule for today in Sri Lanka: January 30th

January 30, 2023
Maldivian President Solih’s controversial win in party primary ahead of Presidential poll
Maldives

Maldivian President Solih’s controversial win in party primary ahead of Presidential poll

January 30, 2023
  • Electricity

    Power cut schedule for today in Sri Lanka: January 30th

    57993 shares
    Share 23215 Tweet 14491
  • Registration open for National Fuel Pass

    6624 shares
    Share 2687 Tweet 1641
  • Foreign Currency Official Exchange Rates from Central Bank of Sri Lanka

    1664 shares
    Share 672 Tweet 413
  • WATCH : Yohani’s first live performance in India

    788 shares
    Share 328 Tweet 192
  • Power interruption schedule released: Check your area power cut time

    747 shares
    Share 325 Tweet 176
  • About Us
  • Advertisements
  • Privacy Policy
  • Contact

© 2022 All rights reserved.

No Result
View All Result
  • Home
  • Around South Asia
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
  • Around The World
  • Breaking News
  • Business
    • Exchange
  • Climate Change
  • Governance
    • Crime
    • Diplomacy
    • Defense
    • Human Rights
    • Politics
    • Strategic Affairs
  • Lifestyle
    • Books
    • Entertainment
      • Arts
      • Cinema
      • Gaming
      • Music
      • Movie
      • Series
      • TV
    • Health
    • Fashion
    • Food
    • Travel
  • Culture
    • Ethnicity
    • Gender
  • Development news
  • Economy
  • Education
  • Environment
  • Coronavirus
  • History
  • National
  • Offbeat
    • Media
    • Music and arts across South Asia
  • Recommended
    • Headlines
    • Highlights
    • Top Picture
    • Top Story
  • Religion
  • Science
  • Sports
    • Football
    • Cricket
      • LPL
      • IPL
    • Tennis
    • Formula 1
    • NBA
  • Tech
    • Instagram
  • United Nations
  • Weather
  • World
    • Japan
    • Russia
    • United States
  • Videos

© 2022 All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

eskisehir escort -

https://www.vudols.com/

- Sağlık Personeli - mersin escort - Antalya korsan taksi