10 billion (US$62 million for the first phase, US$38 million would be invested in the second phase) in Sri Lanka and will operate 100 fuel stations which it has purchased from the Ceylon Petroleum Corporation[5] In 2003, Sri Lankan Government give to 15 Trincomalee oil tanks, on a 35 years lease for an annual payment of US$100,000.

In 2022 Sri Lankan cabinet approved to implementation of a development project by a company named Trinco Petroleum Terminal for the remaining 61 tanks, of which 51% will be owned by CEYPTCO and 49% by LIOC.

With no foreign exchange to pay for fuel, Sri Lanka Government was dependent on an Indian line of credit of US$700 million which expired in June.

The fuel shortfalls have also led to long lines at petrol and diesel stations over the past months.

[8] Lanka IOC's equity shares are listed on the Colombo Stock Exchange.