The Hindu : Petronet plans terminal at Kochi

Online edition of India's National Newspaper
Wednesday, Feb 25, 2004

Business

Business

Petronet plans terminal at Kochi

By Our Corporate Reporter

CHENNAI, FEB. 24. Petronet LNG is planning to set up a 2.5 million tonne per annum LNG terminal at Kochi. The company has undertaken the development work for conducting feasibility study for establishing a solid cargo port. Addressing presspersons here today, Suresh Mathur, CEO and Managing Director of the company, said the implementation of the project would, however, depend on the establishment of feasibility, approvals from authorities concerned and completion of other formalities.

The company is already implementing LNG import and regasification facilities with a capacity to import, store and regasify five million tonnes of LNG (liquefied natural gas) per annum at Dahej (Gujarat) at a cost of Rs. 2,576.68 crores.

The company is in discussion with NTPC for supply of natural gas for its existing and proposed power plants at Kawas and Gandhar.

Announcing the public issue of 26.10 crore equity shares of Rs. 10 each for cash at a price band of Rs. 13-15 per share to part finance the project cost, Mr. Mathur said there was scope for doubling capacity to 10 million tonnes by investing only 30 per cent of the present project cost additionally.

The public issue will be open from March 1 to 9.

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