A proposal to select a prospective investor for the first phase of the development of 61 fuel storage tanks in the Upper Tank area of the China Bay Harbour of Trincomalee was approved at the Cabinet Meeting Held on Monday (01 Jan.).
Accordingly, the Cabinet of Ministers approved the relevant procurement process tabled by the Minister of Power and Energy, Kanchana Wijesekara.
The lease, spanning 50 years, is aimed at facilitating the strategic development of these fuel tanks.
Following the decision, Trincomalee Terminal Private Limited is set to undertake the lease, initiating the project with a comprehensive feasibility study.
The proposed development plan outlines a phased approach, spanning 16 years and seven phases.
Under the Initial Phase, nine productive tanks will undergo renovation, a pipeline extending approximately 1.75 kilometers will be laid, and essential supporting facilities will be constructed.
The entire project is structured under a Build, Operate, and Transfer (BOT) model, allowing for efficient implementation.
