The Ceylon Petroleum Corporation (CPC) is to form a new company called “Trinco Petroleum Terminals LTD” to develop the Trincomalee Oil Tank farm.
The company will be formed under the instructions of the Minister of Energy Udaya Gammanpila.
According to Minister Gammanpila, the “Trinco Petroleum Terminals LTD” is a subsidiary of the CPC.
He further said the agreement pertaining to the new company is to be signed within a month with the relevant parties.
The Sunday Times reported that the Minister had revealed that President Gotabaya Rajapaksa had instructed him to form the company first and then obtain Cabinet approval.
The Ministry of Energy is yet to obtain approval from the Cabinet of Ministers to form the “Trinco Petroleum Terminals LTD”. (NewsWire)