24 oil tanks of Ceylon Petroleum corporation will be allocated for the business activities.

14 tanks of the Lower Oil Tank Complex already in use by Lanka IOC [Indian Oil Corporation] for the company’s business activities will be allocated.

To implement a development project by a company named Trinco Petroleum Terminal Pvt. Ltd. of the remaining 61 tanks, 51% to be owned by Ceylon Petroleum Corporation and 49% by Lanka IOC.

The agreement on the project is expected to be signed soon.

The signing of the agreement will mark a milestone for India in a long-stalled, controversial project in Sri Lanka’s eastern Trincomalee district, which has an enviable natural harbour.

The Trincomalee Oil Tank Farms offer a number of advantages in terms of location.

These oil fields are strategically positioned in the Indian Ocean, along some of the world's busiest shipping channels.

A well-developed oil storage facility and refinery near the Trincomalee Port would be extremely beneficial to both India and Sri Lanka's economies.

Trincomalee Port is formed by a natural harbour and the fifth largest in the world.

In 2015, Sri Lanka and India agreed to build South Asia's largest oil store at a port in Trincomalee.

Trincomalee's strategic position in the Indian Ocean has shaped its history, with several maritime battles taking place to hold the harbour. The Portuguese, Dutch, French, and English have all had control of the port of Trincomalee.

The Port of Trincomalee is not only one of the largest natural harbours in the world, but it is also South Asia's deepest natural harbour, with 10 times the amount of water and land reserves as the well-known Port of Colombo.