Jayagoda said that usually such agreements had three parts, – lease agreement, a modalities agreement and an agreement on the joint venture company, i.e. From what we hear, a lease agreement was signed on Thursday night. However, the Governor of the Eastern Province needs to sign the agreement for this lease agreement to be valid and legitimate. Since the Governor had not signed the agreement, the lease agreement is not legitimate and the entire agreement is null and void without a lease agreement. The current agreement signed on Thursday allows LIOC to make changes to the structures in the tank farm, Jayagoda said.

Source: The Nation January 08, 2022 12:02 UTC