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| Tuesday, 3 June 2003 |
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Trinco Tank Farms to benefit Lankans immensely - Ram Naik Visiting Indian Minister of Petroleum and Natural Gas, Ram Naik laid the foundation stone for upgrading and modernising the One Million tonne capacity China Bay Tank Farm at Trincomalee on Thursday. Ram Naik said that Indian Oil and Ceylon Petroleum Corporation (CPC), the two national oil companies of India and Sri Lanka have agreed to operate and use the total existing and future downstream infrastructure on a " common use" principle. This is important as in the petroleum business the efficient operations of frontline activities such as petrol stations require equally efficient back-up support of Depots and Terminals besides efficient delivery mechanisms. "In this context, the modernisation project of these Tank Farms would immensely benefit the people of Sri Lanka," Ram Naik said. Ram Naik emphasized the significance of the project undertaken by Lanka IOC as of strategic importance in the context of the overall capacity of the 99 Tanks at the Trincomalee Oil Terminal, which stood at One Million tonnes. This constitutes almost one-third of the annual consumption of petroleum products in Sri Lanka. The Indian Petroleum Minister stressed the need for optimum utilisation of this vital asset as at present only 15 of the 99 Tanks are operational. Lanka IOC, a wholly owned subsidiary of leading Indian PSU, Indian Oil Corporation (IOC), has plans to modernise these facilities including providing modern safety and fire fighting equipment at the Terminal, which will store vital petroleum products such as Diesel, Petrol and Kerosene. Situated among low hills and thick vegetation, the Tank Farm covers an area of 850 acres. The first phase of the modernisation project at the Terminal would be completed by December 2003 will an investment of Rs. 190 million (100 Million Indian Rupees). The total investment is envisaged to be Rs. 300 Million, INR 160 Million. At the end of the first phase, the filling capacity is expected to increase from its present level of 20 trucks per day to 120 trucks per day. It may be recalled that this mutually beneficial partnership in the Hydrocarbon sector was launched last week in Colombo by Ram Naik, with the formal launch of Lanka IOC, which plans to commission 250 modern petrol stations. Of these, 100 petrol stations have already been taken over by Lanka IOC from CPC and the balance 150-franchisee outlets will be taken over in the months ahead. The Lanka IOC petrol stations will provide a new high in service standards offering one-stop value added services to customers in Sri Lanka. In all Lanka IOC expects to invest US$ 100 Million (Rs. 9.5 Billion / INR 5 Million) in the Retail and Tank Farm upgradation project. Nirupam Sen, High Commissioner of India to Sri Lanka, B.K Chaturvedi, Secretary, Ministry of Petroleum and Natural Gas, GoI, and M.S Ramachandran, Chairman, Indian Oil Corporation also spoke. |
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