Trinco Petroleum Terminal Ltd plans to call for international bids to develop 29 out of the 61 oil tanks in its possession, aiming to advance the commercialisation of the Trincomalee Oil Tank Farm.

Formed in 2021 as a joint venture, Trinco Petroleum Terminal Ltd features Ceylon Petroleum Corporation holding a 51 % stake, while Lanka IOC, a subsidiary of Indian Oil Corporation, retains 49 %. Their agreement governs the joint development of 61 tanks out of the 99 available at the site. During Indian Prime Minister Narendra Modi's visit to Sri Lanka last year, a tripartite agreement involving India, Sri Lanka, and the United Arab Emirates was executed to build a multipurpose pipeline for two-way energy transport.

Amid ongoing instability in West Asia and the Middle East, Sri Lanka and India have acknowledged the urgency of accelerating the Trincomalee petroleum hub project to bolster energy security, though a firm implementation schedule is yet to be finalized.

A company official indicated that a Request for Proposals will be issued within a month to seek investors for developing the designated tanks. The Cabinet Appointed Negotiation Committee has sanctioned the project for bidding, and once Trinco Petroleum Terminal Ltd completes its evaluations, the proposal will return to the committee for a final decision.

Trincomalee remains a crucial focal point for Indo-Lanka cooperation on energy security, a relationship stemming back to the 1987 Indo–Sri Lanka Accord, which first formally acknowledged Indian participation in the tank farm's development. Subsequently, agreements signed between 2002 and 2004 enabled Indian Oil Corporation to participate in fuel sales and distribution within Sri Lanka.

During recent bilateral talks, Sri Lanka reiterated the importance of fully developing and utilizing the oil tanks.