News
New oil tank company offers storage facilities for Singapore and West Asia
The 61 oil tanks under the purview of the newly formed joint venture between the Ceylon Petroleum Corporation (CPC) and the Indian Oil Company (IOC) are to be developed as a petroleum terminal, CPC chairman Sumith Wijesinghe said.
He said the plan was to attract companies from Singapore and West Asia to store fuel in the tanks. Though the main aim is to develop it as a petroleum terminal, crude oil storage will also be possible.
Mr Wijesinghe said if the terminals were not sufficient more tanks would be built on the same land.
Under the agreement, local sales from these terminals would not be possible directly, but the CPC would be able to call for tenders and follow usual procedures for purchases and buy fuel supplies from the new tank company, he said.
Mr Wijesinghe said the IOC would not be allowed to increase the number of fuel stations in the country. 
According to the agreement, the CPC and the IOC would make their investments under the joint venture project.
He said that with the CPC taking over 24 tanks, it could save up to Rs one billion annually as the CPC would be able to handle the oil distribution in the eastern, central and northern sectors from Trincomalee, instead of transporting oil from Colombo.
In addition, the CPC could also save about US dollars 25,000 per shipment, buy unloading oil in Trincomalee, instead in Colombo. It would also be faster as the waiting time could be reduced, he said.
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