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AP National Business

Sri Lanka to sign oil terminal deal with India

KVIA
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Published 5:01 AM

BHARATHA MALLAWARACHI
Associated Press

COLOMBO, Sri Lanka (AP) — Sri Lanka has agreed with India to jointly develop a strategic oil terminal consisting of nearly 100 large oil tanks.  Energy Minister Udaya Gammanpila said the Cabinet ministers approved the proposal on Tuesday. The project comes amid mounting concern over growing Chinese influence in this Indian Ocean island nation. The minister said the agreement with India should be signed within the coming week. The facility, with a capacity of 8 million barrels of oil, is to be located near strategically important Trincomalee port, which is considered as one of the best natural harbors in the world.  

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