The chairman of Ceylon Petroleum Corporation (CPC), Sumith Wijesinghe, has told Sri Lankan newspaper the Daily FT that the firm is considering the development of 25 oil tanks in Trincomalee in north eastern Sri Lanka at a cost of US$20-30 million (€18-27 million).
CPC has already begun a feasibility study on the project, which is aimed at improving the fuel storage and distribution network in Sri Lanka’s North, East and North Central provinces. Wijesinghe said that CPC, which is state-owned, has requested government support to take 25 oil tanks from its facility in Colombo, and renovate them, for the project.
Renovating the tanks would be completed within two years, and would enable CPC to save money on transportation, labour and wastage.
‘At present we distribute fuel to the entire country through our main storage facility in Colombo. If the proposed 25 tanks can be developed accordingly, the government will be able to store fuel required for two to three months with cost-efficient distribution options for the North, East and North Central Provinces, thereby saving money for the Government,’ Wijesinghe told the Daily FT.