Sign In
Learn bits
I.R.
Pradeep Kumar

04/10/21 11:50 AM IST

Trincomalee oil tank farm

In news

Foreign Secretary Harsh Vardhan Shringla on Sunday visited the Second World War-era oil storage facility in the strategically important port district of Trincomalee on Sri Lanka’s east coast, which has been a key bilateral economic partnership link for decades.

Details
  • The Trincomalee harbour, one of the deepest natural harbours in the world, was developed by the British during the War.
  • Since 2003, the Lanka IOC, the Sri Lankan subsidiary of India’s oil major Indian Oil Corporation (IOC), has the leasing rights to 99 tanks at the facility for a period of 35 years for an annual payment of $100,000.
  • As per the agreement, the IOC was also given a one-third share of the Sri Lankan government entity, Petroleum Storage Limited.
CPC’s demands
  • Initially, the CPC wanted to develop 25 of the tanks by investing $25-30 million.
  • The CPC maintains that it will allow them to strengthen their oil storage and distribution in the north and eastern provinces while allowing stock maintenance to suffice 2-3 months.
  • Mr. Shringla arrived in Sri Lanka on Saturday on a four-day visit during which he will meet the top leadership, including President Gotabaya Rajapaksa and the Prime Minister , and review the bilateral ties between India and the island nation.
Source: The Hindu

More Related Current Affairs View All

05 Mar

First-ever comprehensive survey of India’s river dolphins

'Prime Minister Narendra Modi released the results of the first-ever comprehensive population estimation of riverine dolphins – Gangetic and Indus dolphins – done in In

Read More

05 Mar

Arresting women at night

'The Madurai Bench of the Madras High Court in Deepa versus S. Vijayalakshmi and Others ruled that the legal provision in the Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023, which

Read More

05 Mar

Digital Personal Data Protection Act, 2023

'The Ministry of Electronics and Information Technology (MeitY) looking to wrap up public consultations on the draft Rules for the Digital Personal Data Protection Act, 2023 by Mar

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps