CURRENT AFFAIRS

Detailed explanation-1: -Marking a major milestone in a strategic project in Sri Lanka whose fate has remained uncertain for decades, Lanka IOC, Ceylon Petroleum Corporation and the Government of Sri Lanka on Thursday signed three lease agreements on jointly developing the Trincomalee oil tank farm in eastern Sri Lanka.

Detailed explanation-2: -Q. The subsidiary of which Indian company signed agreements on jointly developing the Trincomalee oil tank farm? Notes: Lanka IOC, Ceylon Petroleum Corporation and the Government of Sri Lanka signed lease agreements on jointly developing the Trincomalee oil tank farm.

Detailed explanation-3: -TPTL has control of 51 tanks in a World War II era tank farm in a 600 acre land by the Trincomalee port in North Eastern Sri Lanka. The tank farm has 99 tanks of which 15 is operated by Lanka IOC.

Detailed explanation-4: -Simultaneously, Lanka IOC will be given on lease 16 tanks in the Lower Tank Farm (LTF) for 50 years, which it has already developed and is currently using.