Sri Lanka, Indian Oil Corp Unit to Sign Oil Tank Restoration Deal
The planned agreement will give LIOC, a subsidiary of Indian Oil Corporation (IOC), a 50-year lease on 14 tanks and a 49 percent stake in 61 other tanks held jointly with the state-run Ceylon Petroleum Corporation (CPC). The remaining 24 tanks will be kept by the Sri Lankan government. The cost of restoring per tank is estimated to be around $1 million.