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IOCL may revive WW-II era oil storage farm in Sri Lanka
Mint Mumbai
|June 21, 2023
Lanka IOC may take 49% stake, Ceylon Petroleum 51%, to get Trincomalee farm running again
Fuel storage tanks from World War II may come to life again in Sri Lanka’s Trincomalee, with state-run Indian Oil Corp. Ltd (IOCL) planning to redevelop them at a cost of around ₹1,500 crore.
Two people aware of the development said IOCL is in talks with Sri Lankan authorities, adding the investment amount is yet to be finalized.
“Talks are still underway. Things will take concrete shape in the next two to three months. Options are being explored on further energy partnership with Sri Lanka," one of the two people cited above said on the condition of anonymity.
Under the current plan, Lanka IOC, a subsidiary of IOCL will take a 49% stake and Ceylon Petroleum Corporation 51%.
The second person said India is looking at several ways to help Sri Lanka meet its energy requirements, and that a whole range of projects is being considered.
The talks come at a time when India’s southern neighbour is pulling back from a severe economic and energy crisis.
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