The Indian prime minister, Narendra Modi, said on Friday that India would make Trincomalee a regional petroleum hub.
Visiting Sri Lanka, Mr Modi said a joint task force would be initiated to carry out the project.
Stating that he was "aware of your concerns about trade with India", Mr Modi pledged to try and address those concerns.
"The agreement today on cooperation between our customs authorities is a step in that direction. It will simplify trade and reduce non-tariff barriers on both sides."
"We are not just looking at addressing problems. We are also focusing on new opportunities. Today, Lanka IOC and Ceylon Petroleum Corporation have agreed to jointly develop the Upper Tank Farm of the China Bay Installation in Trincomalee on mutually agreed terms."
"A Joint Task Force will be constituted soon to work out the modalities. India stands ready to help Trincomalee become a regional petroleum hub. I also look forward to early commencement of work on the ground in the Sampur Coal Power Project. This landmark project would meet Sri Lanka's energy needs."
"The ocean economy is a new frontier that holds enormous promise for both of us. It is a priority for our two countries. Our decision to set up a Joint Task Force in Ocean Economy is a significant step, especially because of our proximity."
Visiting Sri Lanka, Mr Modi said a joint task force would be initiated to carry out the project.
Stating that he was "aware of your concerns about trade with India", Mr Modi pledged to try and address those concerns.
"The agreement today on cooperation between our customs authorities is a step in that direction. It will simplify trade and reduce non-tariff barriers on both sides."
"We are not just looking at addressing problems. We are also focusing on new opportunities. Today, Lanka IOC and Ceylon Petroleum Corporation have agreed to jointly develop the Upper Tank Farm of the China Bay Installation in Trincomalee on mutually agreed terms."
"A Joint Task Force will be constituted soon to work out the modalities. India stands ready to help Trincomalee become a regional petroleum hub. I also look forward to early commencement of work on the ground in the Sampur Coal Power Project. This landmark project would meet Sri Lanka's energy needs."
"The ocean economy is a new frontier that holds enormous promise for both of us. It is a priority for our two countries. Our decision to set up a Joint Task Force in Ocean Economy is a significant step, especially because of our proximity."