Petronet to set up gas terminal, signs deal with Cochin Port Trust

March 12th, 2009 - 8:55 pm ICT by IANS  

Kochi, March 12 (IANS) The Cochin Port Trust (CPT) Thursday signed a concessions agreement with Petronet LNG Ltd for setting up a liquefied natural gas (LNG) terminal and a re-gasification plant within a special economic zone promoted by the port here.
The project, to be set up at Puthuvypeen Island near hear at an investment of Rs.40-billion (Rs.4,000-crore), would be commissioned in 2012.

The agreement was signed between CPT chairman N. Ramachandran and Petronet LNG director (finance and commercial) A. Sengupta, a CPT statement said.

The port has granted 33.4 hectares at Puthuvypeen to Petronet on lease for 30 years for the project.

The CPT said all pre-project activities have been completed. These include on-shore and off-shore surveys, preparation of detailed feasibility report and basic engineering package, mathematical and physical modelling studies, terrestrial and marine environment impact assessment studies.

The project is expected to be a big boost to Kerala’s economy as the state-based companies like Fertilisers and Chemicals Travancore Ltd (FACT) and Kayamkulam Thermal Power Plant of NTPC Ltd will benefit from the high availability of LNG.

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