Editorial

Security

Politics

World

Letters

Sports

Obituaries

Archives

India is to lease out the oil tanks situated at China Bay in Trincomalee. in this connection the Indian Oil Corporation (IoC) has made a tender application to acquire some oil tanks in Trincomalee, Chairman of the Sri Lanka Board of Investment Arjun Mahendran told "Lankapuvath".

He said that the Public Enterprises Reform Commission is now making arrangements to sign the lease agreement with the Indian Oil Corporation. The BoI Chairman said that there was no specific agreement with regard to the number of oil tanks, which would be leased out to the Indian Oil Corporation.

The British Government had built the oil storage facility at China Bay during the Second World War and Britain supplied oil using the storage facility to its Eastern naval fleet anchored at the Trincomalee harbour at that time.

The Indian Oil Corporation is fully owned by the Indian government and enjoy a monopoly in the Indian oil market.

The Indian High Commissioner in Sri Lanka Gopalkrishna Gandhi, earlier this month inspected the China Bay oil tanks and the Indian Oil Corporation has made its tender application to lease out some of the 101 oil tanks in Trincomalee.

News | Business | Features | Editorial | Security
Politics | World | Letters | Sports | Obituaries

Produced by Lake House
Copyright 2001 The Associated Newspapers of Ceylon Ltd.
Comments and suggestions to :Web Manager