News

Cabinet approval sought to expedite Trinco Oil Tank Farm project

Published

11 months ago

January 16, 2023

editor

Cabinet approval has been sought to lease a 7.8 hectare area of land to the Ceylon Petroleum Corporation with effect from Jan. 06, 2022, in order to expedite the development of the Trincomalee Oil Tank Farm while implementing the relevant Quadripartite Agreement.

The Cabinet memorandum in this regard was tabled on Dec. 23 last year by Minister of Power and Energy – Kanchana Wijesekara.

On Jan. 06, 2022, the government of Sri Lanka inked a quadripartite agreement on January 06, with India to jointly develop the Trincomalee Oil Tank Farm. It was signed at the Finance Ministry with the Government of Sri Lanka, the Ceylon Petroleum Corporation (CPC), Lanka IOC and the subsidiary company Trinco Petroleum Terminal Pvt. Ltd. as the signatories.

In the subsidiary company named Trinco Petroleum Terminal Pvt. Ltd., established for the joint development of these 61 oil tanks, the CPC retained 51% while Lanka IOC held 49% of the issued shares of the joint venture company.

In parallel to that, the Commissioner General of Lands has leased a lot of land consisting of 24 oil tanks to the Ceylon Petroleum Corporation, while leasing another lot of land consisting of 14 oil tanks to the Lanka IOC PLC. In addition, a lot of land consisting of 61 oil tanks to Trinco Petroleum Terminal (Pvt.) Ltd. for 50 years.

Further, two plots of lands where the oil pipeline system is located, is to be leased to the Lanka IOC for 50 years, by keeping the right of way to the CPC and the Trinco Petroleum (Pvt.) Ltd.

In addition, the plot where 14 employee quarters of Lanka OIC are located is also to be leased to the Lanka IOC for 50 years.

Meanwhile, ‘The Hindu’ newspaper has reported that during the visit of Indian External Affairs Minister – S. Jaishankar later this week, talks are expected on two possible MoUs – on the Trincomalee development project and the long-pending plan for a cross-strait transmission line that would allow Sri Lanka access to India’s plans for an energy grid along with other countries like Nepal, Bhutan and Bangladesh.

“India is expected to give a positive response to Sri Lanka’s requirements, in keeping with India’s support last year as well,” the article had added, citing a source.

News

G.L. hints at Impeachment against President

Published

3 hours ago

December 11, 2023

editor

MP of the Freedom People’s Congress – Prof. G.L. Peiris has warned of a possible impeachment motion against President Ranil Wickremesinghe.

Speaking at a media briefing today (Dec. 11) Prof. Peiris has said that an impeachment can be brought forth on the grounds of the constitution being violated by the President’s arbitrary interference in the affairs of the Constitutional Council.He also emphasized that the opposition will stand united against the President’s dictatorial rule.

Pointing out that 2024 is a year of elections with the Presidential election and General Election already announced, Prof. Peiris emphasised that it is of utmost importance that the Constitutional Council is allowed to function independently during elections.

He also said that there is a reasonable doubt that the vacancy at the Election Commission is not being filled with the objective of scrapping future elections.The MP also said that there is a possibility of Sri Lanka losing the GSP+ concession due to the violation of international conventions.

He further noted that the international community has already given Sri Lanka a red light due to the implementation of the Prevention of Terrorism Act and has notified that democracy should be secured during the election period.