Trinco Port deal won't be inked during Modi visit; Joint Working Group to be set up

An agreement to develop the Trincomalee Port by India will not be inked during Prime Minister Narendra Modi’s visit next month, Indian media reported.

However, the two countries have agreed to set up a Joint Working Group to work out details, the New Indian Express reported .

“A port, petroleum refinery and other industries in Trincomalee, for which a Joint  Working  Group will be set up to further discuss and flesh out details,” Indian Ministry of External Affairs (MEA) Spokesperson, Gopal Baglay told the publication.

“Upper Tank Farm in Trincomalee will be jointly developed by India and Sri Lanka .  A s  you would be aware, Lanka IOC (Indian Oil Cooperation) has had the rights to develop  the Tank Farm  since 2003.  At present, only Lower Tank Farm is developed.  However, Lanka IOC had rights to fully develop the project, "Mr Baglay told the publication.

He added that “Given our spirit of partnership, we proposed to Sri Lanka to develop Upper Tank Farm as joint venture.  This needs fresh investment.  Sri Lanka also had special requirements.  There will be discussions between the two sides on various aspects and details.”