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'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Indian Oil Subsidiary Lanka IOC will jointly develop the Trincomalee Oil Tank farm project with Ceylon Petroleum Corporation (CPC).</span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Indian firm will own 49% stake in the development whereas the CPC will have the majority stake of 51%. The agreement will be for next 50 years.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">A special purpose company known as Trinco Petroleum Terminals Ltd has been formed by CPC to execute the project.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">There are a total of 99 oil tanks in the farm which will have to be refurbished. Out of them, 61 will be jointly done, 24 will be developed by CPC and 14 by LIOC.</span></span></p>
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<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>History</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The first idea of jointly developing the oil farms was explored in the exchange of letters between then Prime Minister Rajiv Gandhi and Sri Lankan President J R Jayewardene.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">For the next 15 years, the agreement remained dormant due to the civil war. The war was halted due to ceasefire agreement.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The US was exploring options of making the Trincomalee Harbour as a naval base to aid its war in Afghanistan.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The LIOC got a lease for 35 years to use Trincomalee for storing oil mainly for retail purposes. This agreement was to be signed between LIOC, Sri Lankan government and CPC.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Geopolitical aspirations</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">India’s relationship with Mahinda Rajapakse government began deteriorating and the agreement failed to materialize.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">LIOC got a foothold in retail petroleum market and expanded its investments in Trincomalee. It also got tax benefits as a foreign investor.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">India seriously started to plan for more investment after China gained the Hambantota harbor and began developing it.</span></span></p>
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<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>The re-start of project</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Sri Lanka is in middle of a foreign exchange crisis. Due to shortage of Forex reserves, it cannot import goods such as fuel, food etc, which has started inflation.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">During the recent visit of the Finance minister to India, a four-point deal was offered to the country.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">It included a line of credit for fuel purchases from India, a line of credit for food imports from India, early modernisation of the oil storage facility at Trincomalee, and Indian investments.</span></span></p>
</li>
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<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Importance of Trincomalee</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The port has a pre-World war II era oil storage facility that can store 1 million tons of oil, more than the demand in the island-country.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">LIOC officials had demanded refurbishing the tank farm as an extension of Indian Oil storage on the Indian east coast.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The facility could be used for refueling and serves as a strategic deep-water harbor. India does not want a third country to enter the facility.</span></span></p>
</li>
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'title' => 'Trincomalee oil tank farm agreement',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Indian Oil Subsidiary Lanka IOC will jointly develop the Trincomalee Oil Tank farm project with Ceylon Petroleum Corporation (CPC).</span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Indian firm will own 49% stake in the development whereas the CPC will have the majority stake of 51%. The agreement will be for next 50 years.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">A special purpose company known as Trinco Petroleum Terminals Ltd has been formed by CPC to execute the project.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">There are a total of 99 oil tanks in the farm which will have to be refurbished. Out of them, 61 will be jointly done, 24 will be developed by CPC and 14 by LIOC.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>History</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The first idea of jointly developing the oil farms was explored in the exchange of letters between then Prime Minister Rajiv Gandhi and Sri Lankan President J R Jayewardene.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">For the next 15 years, the agreement remained dormant due to the civil war. The war was halted due to ceasefire agreement.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The US was exploring options of making the Trincomalee Harbour as a naval base to aid its war in Afghanistan.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The LIOC got a lease for 35 years to use Trincomalee for storing oil mainly for retail purposes. This agreement was to be signed between LIOC, Sri Lankan government and CPC.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Geopolitical aspirations</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">India’s relationship with Mahinda Rajapakse government began deteriorating and the agreement failed to materialize.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">LIOC got a foothold in retail petroleum market and expanded its investments in Trincomalee. It also got tax benefits as a foreign investor.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">India seriously started to plan for more investment after China gained the Hambantota harbor and began developing it.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>The re-start of project</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Sri Lanka is in middle of a foreign exchange crisis. Due to shortage of Forex reserves, it cannot import goods such as fuel, food etc, which has started inflation.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">During the recent visit of the Finance minister to India, a four-point deal was offered to the country.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">It included a line of credit for fuel purchases from India, a line of credit for food imports from India, early modernisation of the oil storage facility at Trincomalee, and Indian investments.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Importance of Trincomalee</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The port has a pre-World war II era oil storage facility that can store 1 million tons of oil, more than the demand in the island-country.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">LIOC officials had demanded refurbishing the tank farm as an extension of Indian Oil storage on the Indian east coast.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The facility could be used for refueling and serves as a strategic deep-water harbor. India does not want a third country to enter the facility.</span></span></p>
</li>
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