Cabinet approval has been granted to follow the relevant procurement process to select a prospective entrepreneur/investor to implement phase one of the development plan linked to the Upper Tank area of China Harbour in Trincomalee.
According to the government, the fuel tanks in the Upper Tank area of China Harbour of Trincomalee are fortified with 99 fuel container tanks.
As per a decision at a Cabinet meeting in January 2022, approval was granted to lease 61 tanks from it to Trincomalee Terminal Private Limited for a period of 50 years.
The initial steps including the performance of a feasibility study to develop 61 oil tanks have commenced, while the feasibility report has recommended developing this project within 16 years under 07 phases.
Under the first phase, it has been planned to renovate 09 productive tanks, lay a line for approximately 1.75 kilometres, and construct other supporting facilities.
The business model of building, operation and transfer (BOT) has been proposed to be implemented for the execution of this project.
Accordingly, the Cabinet of Ministers approved the proposal by the Minister of Electricity and Power for following the relevant procurement process to select a prospective entrepreneur/investor to implement the proposed development plan under phase one. (NewsWire)