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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka to retake oil tanks from Indian Oil Corp

Sri Lanka to retake oil tanks from Indian Oil Corp

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Kumar

Kumar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
May 21, 2013 (LBO) - Sri Lanka will negotiate with Lanka IOC, a unit of Indian Oil Corporation. to take back unused oil tanks it had been given in the Eastern port of Trincomalee, Minister Keheliya Rambukwelle said.

"If they are not using, or if they are not going to utilize it fully we are going to negotiate with them and ask them to give it," he told a reporters Thursday.

Rambukwelle said the government will negotiate using provisions in the agreement with Lanka IOC to take the tanks back as only about three tanks were thought to be used now.

Rambukwelle said state-run Ceylon Petroleum Corporation could use the tanks.

"The new development program of CPC warrants it," he said.

Lanka IOC was sold a third of Sri Lanka's oil distribution business and leased a part of a World War II tank farm in the Trincomalee port over 10 years ago.

Sri Lanka recently expropriated several privatized businesses through controversial legislation.
http://lbo.lk/fullstory.php?nid=1591469998

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