Indian Oil Corp.'s Sri Lanka unit plans to invest about 35 million US dollars to expand an oil tank farm in the eastern port of Trincomalee to store and export products.
Lanka IOC Managing Director K R Suresh Kumar said the firm has completed initial studies on revamping the tanks which are of World War 2 vintage.
The China Bay tank farm is the largest tank farm located between the Middle East and Singapore.
The tank farm has a total of 99 tanks, each with a capacity of 12,000 kilolitres.
Suresh Kumar said LIOC was already using 18 tanks in what is known as the lower tank farm having invested to repair and modernise the facilities.
LIOC now plans to use the remaining 80-odd storage tanks in the upper tank farm area.