Sri Lanka has signed an agreement with Lanka Indian Oil Corporation Limited (LIOC) to lease 75 oil tanks to secure a $500 million fuel credit line from India. Under the agreement, LIOC, a subsidiary of Indian Oil Corporation Limited (IOCL), will get 14 tanks on a 50-year lease. Meanwhile, its joint venture (JV) with state-run Ceylon Petroleum Corporation (CPC), Trinco Petroleum Terminal Private Limited, will develop 61 oil tanks. CPC will use the remaining 24 tanks. The Sri Lanka government had been considering the development to increase its fuel storage capacity.
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