Sri Lanka IOC unit seeks bonded storage to boost bunker business
ECONOMYNEXT – Lanka IOC Plc, a unit of Indian Oil Corporation said it is seeking approval to have bonded storage at its facilities near Sri Lanka’s Trincomalee port to boost bunkering business.
Bonded storage allows material oil to be imported without paying customs duty.
Indrajit Bose, Chairman of Lanka IOC told shareholders in the annual report that potential business of 8000 metric tonnes of 380CST fuel oil and 500 metric tonnes of marine gas oil per month from vessels transiting the Bay of Bengal.
Lanka IOC is the second petroleum distributor in Sri Lanka and has access to a tank farm in Trincomalee built during World War II. (Colombo/Aug25/2015)