Chinabay oil tank farm modernization to begin

[TamilNet, Friday, 30 May 2003, 00:15 GMT]
Indian Minister of Petroleum and Natural Gas Mr. Ram Naik Thursday unveiled the foundation stone laid for the modernization of oil tank farm at Chinabay in Trincomalee, which is to be implemented at a cost of three hundred million Sri Lankan rupees. The event took place in the Chinabay Petroleum Corporation complex.

Indian High Commissioner in Sri Lanka Mr. Nirupam Sen, Secretary to the Indian Ministry of Petroleum and Natural Gas Mr.B.K.Chaturvedi, the Chairman of the Indian Oil Corporation Mr.S. Ramachandran and the Chairman of the newly incorporated Lanka Indian Oil Corporation Mr.N.K.Nayyar and several other officials attended the event, sources said.







Trincomalee district parliamentarians Mr.R.Sampanthan and M.K.A.De S Gunawardene also participated at the event.

Minister Mr. Ram Naik addressing the gathering said, "The newly formed Lanka Indian Oil Corporation (Lanka IOC) has elaborate plans to modernize the facilities including the safety systems in Trincomalee where only 15 of the 99 tanks are operational today.

"The first phase of the refurbishment at an investment of SL Rs. 190 million (Indian Rs 100 million, US $1.9m) will be completed by December 2003. This tank farm will be put to optimum utilization. The total cost of upgradation will be SL Rs. 3000 million (Indian Rs. 160 million, US $30m).







"The Lanka IOC has been entrusted with the Trincomalee oil tank farm on term lease for its use and upgradation. Lanka IOC as a wholly owned subsidiary of Indian Oil was incorporated to bring world-class products and services to the people of Sri Lanka.

"I am extremely happy to be here in this historic place of Trincomalee. It has been playing a pivotal role in the maritime operations, being one of the finest natural harbours," said Minister Mr. Ram Naik.

Indian High Commissioner in Colombo Mr. Nirupam Sen, Indian Petroleum and Natural gas Ministry Secretary Mr.B.K.Chaturvedi and others also spoke.