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by Ranil Wijayapala

Cabinet of Ministers have approved the handing over of the oil tank farm in Trincomalee on a long term lease to an Indian oil company which is among the 500 major companies in the world.

Cabinet spokesman and Minister Prof G.L. Peiris said yesterday that the Indian Government has placed strategic interest in the Trincomalee oil tank farm and the government decided to hand it over to the Indian Oil Company on a long term lease considering commercial and security factors.

The Minister said the Government expects the Indian oil company to start a joint venture with a Sri Lankan company for the improvement of the tank farm, the Minister added. Details of the deal will be finalised later.

The Minister also said the Cabinet of Ministers also endorsed the declaration of the Eastern coast of the country as a Tourist Development Zone under the Tourism Development Act.

The Tourism Ministry will be vested with more powers to develop the Eastern coast as a tourist attraction and permission will have to be sought from the Tourism Ministry for the construction of buildings in the coastal areas.

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