Sri Lanka’s Cabinet of Ministers has greenlit the proposal by the Minister of Power and Energy to commence a procurement process aimed at selecting a potential entrepreneur/investor for the initial phase of the Trincomalee Fuel Storage Project.
The ambitious development of the Trincomalee Fuel Storage Project in the Upper Tank area is underway, following a Build-Operate-Transfer (BOT) business model for its execution.
The project outlines the creation of a total of 61 fuel storage tanks, derived from the existing pool of 99 tanks at China Harbour.
In accordance with the Cabinet’s approval on January 3, 2022, these 61 tanks are slated to be leased to Trincomalee Terminal Private Limited for a duration of 50 years.
Initiation of preliminary activities, including a feasibility study, is already in progress. The study recommends a phased development plan spanning 16 years.
