Petroleum Minister Chandima Weerakody has stated that India and Sri Lanka have consented to jointly operate the oil storage facility in Trincomalee. Both countries have engaged on negotiations over the joint venture.
Addressing the media, he further explained that at least 73 of the 99 storage tanks in Trincomalee are to be managed under a new equity arrangement between the two countries. To operate the 73 tanks they will have the joint venture running. Sri Lanka will have the ownership of 10 more tanks while another 14 will be handed to India on a long lease.