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| Sunday, 14 July 2002 |
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Indian Oil ensure energy security The operation of a giant petroleum supply complex in Trincomalee by Indian Oil, India's premier petroleum corporation, will "guarantee energy security", according to government officials. The Government recently signed an agreement with Indian Oil for the long term lease of part of the huge oil storage complex in Trincomalee that lies unused for decades after the departure of the British who built and operated it during the Second World War. Briefing the Sunday Observer on the benefits of the recent tie-up between the Government and Indian Oil, these sources pointed out that the giant petroleum producer and distributor had an impressive record of reliability and responsiveness to national needs due to its accountability as a semi-governmental venture. "Indian Oil has, over the years, demonstrated its capability to play an important role in ensuring energy security in its home country, India," these sources pointed out. During times of fuel shortages on the world market and national crises due to natural disasters like the recent Gujarat earthquake and floods, Indial Oil, because of its semi-government status, has proved to be "a socially responsible partner" and ensured that India did not suffer from any fuel supply problems, they noted. "With its tie-up with Sri Lanka, we can expect a similar guarantee of security of supply given this company's record of socio-economically responsible operations," officials said. According to company data, Indian Oil handled some 44.2 million metric tonnes of crude oil and 3.7 million MT of petroleum products during 2000-01 worth US$ 9.56 billion. Company officials in Colombo said that as a major corporation of a neighbouring friendly power, they were confident that the political authorities at both national and regional levels would ensure the security of the company's proposed installation at the oil tank complex popularly known as the 'tank farm' in Trincomalee. "In fact the local authorities there are already anticipating the major social and economic benefits that will result from the establishment of Indian Oil's Trincomalee project," Company sources told the Sunday Observer. |
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