The government has decided to invite investor proposals for the long-term lease of 29 unused oil tanks in Trincomalee, as authorities move to develop the area into a regional fuel re-export hub.
The tanks, which currently lie idle, form part of an inventory of 61 oil tanks owned by Trincomalee Petroleum Terminal Limited.
The decision was disclosed by Ceylon Petroleum Corporation (CPC) Managing Director Mayura Neththikumarrage in an interview with a local media outlet.
Neththikumarrage said the 29 tanks earmarked for leasing represent nearly half of the terminal’s total storage capacity, and that bringing them under long-term lease arrangements with investors would help put the underutilised assets to productive use.
He said the objective behind the initiative was to position Trincomalee as a fuel re-export hub, allowing Sri Lanka to capitalise on its strategic location along key regional shipping routes and generate additional revenue from the storage and re-export of petroleum products.
Alongside the leasing plan, Neththikumarrage disclosed that reconstruction work has already commenced on two separate oil tanks in Trincomalee owned directly by the CPC.
He added that the reconstruction work runs alongside plans to upgrade crumbling local infrastructure, expand state storage facilities, and bring in private investors for additional tanks.