Colombo, March 20 -- Sri Lanka has entered into a tri-partite agreement, also involving India and the United Arab Emirates (UAE), for renovating the oil tank farm in the island nation's Eastern port district of Trincomalee.
The Trincomalee Oil Tank Farm, also known as the China Bay Tank Farm, is a massive World War II-era strategic asset consisting of 99 serviceable tanks with a total storage capacity of nearly one million metric tonnes.
Located near one of the world's deepest natural harbours, the facility has long been a focal point of Indo-Lanka relations, first formalised in the 1987 Indo-Lanka Accord.
Despite its immense potential to turn Sri Lanka into a regional energy hub, the project faced decades of stagnation due to political,...