Thrinco Petroleum Terminal Limited (TPTL) is preparing to invite international tenders for the development of 29 oil storage tanks as part of the commercialization of the Trincomalee Oil Tank Farm.
TPTL, established in 2021, is a joint venture in which the Ceylon Petroleum Corporation (CPC) holds a 51% stake, while Lanka IOC, a subsidiary of Indian Oil Corporation, owns the remaining 49%. The joint venture agreement covers the development of 61 of the 99 oil tanks located at the Trincomalee facility.
Company officials said the call for proposals is expected to be issued within the next month after receiving approval from the Cabinet-appointed Negotiating Committee to invite bids from potential investors.
Following the evaluation of the proposals, the project will be referred back to the Cabinet Negotiating Committee for a final decision.
The Trincomalee Oil Tank Farm has been identified as a strategic asset in strengthening energy cooperation between Sri Lanka and India. During Indian Prime Minister Narendra Modi’s visit to Sri Lanka last year, India, Sri Lanka and the United Arab Emirates signed a trilateral agreement to develop a multi-purpose energy pipeline enabling two-way energy supplies between the countries.
Amid growing concerns over energy security due to tensions in the Middle East, Sri Lanka and India have emphasized the need to accelerate the Trincomalee Petroleum Hub project, although an official timeline for implementation has yet to be announced.
India’s involvement in the Trincomalee Oil Tank Farm dates back to the 1987 Indo–Sri Lanka Accord, while subsequent agreements signed between 2002 and 2004 enabled Lanka IOC to participate in fuel marketing and distribution in Sri Lanka.
Sri Lankan authorities have recently reiterated the importance of fully developing the Trincomalee oil tank complex to maximize its strategic and commercial potential.
