Abu Dhabi : The United Arab Emirates, the Republic of India, and the Democratic Socialist Republic of Sri Lanka have signed a trilateral Memorandum of Understanding (MoU) to cooperate in developing the Sri Lankan city of Trincomalee into a regional energy hub in South Asia.
The agreement aims to enhance energy security in Sri Lanka.
The MoU sets a framework for cooperation on infrastructure and energy projects in Trincomalee.
These include refurbishing and developing the Trincomalee Tank Farm, implementing bunker fuel supply initiatives, and developing a new refinery project.
The UAE, India, and Sri Lanka have each designated an authorised agency for this purpose, which are Abu Dhabi Ports Group PJSC, Indian Oil Corporation Limited, and Ceylon Petroleum Corporation.
The agencies will establish a joint venture to oversee the implementation of the refinery project.
The MoU also includes the construction of a bi-directional petroleum pipeline between India and Sri Lanka, which will further develop regional logistics capacity and enhance fuel security.
