Foreign Secretary of India, Harsh Vardhan Shringla 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.
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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.
His visit to the site assumes significance as oil sector trade unions in Sri Lanka have demanded that tanks be brought under the control of the state fuel entity Ceylon Petroleum Corporation (CPC).
As per the agreement, the IOC was also given a one-third share of the Sri Lankan government entity, Petroleum Storage Limited. However, the CPC trade unions had been pressing for the takeover of the tanks.
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