Asia/Pacific News
Lanka IOC Pumps Further Investment into China Bay Tank Farm
Lanka IOC PLC. (Lanka IOC) is continuing to grow its investment in the Trincomalee harbor, despite market volatility and uncertainty in the area.
The Sri Lankan subsidiary of Fortune 500 listed Indian Oil Corporation has invested just short of USD $12 million refurbishing and upgrading the lower tank farm facilities at the China Bay tank farm.
Improvements include a new lubricant blending plant, upgraded oil jetty, new pipelines and improved filling bay and plans are being made to improve the infrastructure further.
The China Bay Tank farm is connected to the Trincomalee harbor which is the 5th largest all-weather, non-tidal natural harbour in the world.
Upgrades and spending are set to continue as further infrastructure assessments are made.
Lanka IOC Managing Director / CEO K.R. Sureshkumar said he hopes to refurbish and upgrade a number of the existing 99 storage tanks over the next 2-3 years, by which time "utilization of the facilities will see a quantum jump."
Sureshkumar plans to make the Trincomalee harbour an energy hub as the volume of downstream petroleum sector in Sri Lanka grows.
