Concession pact signed for construction of LNG terminal

Kochi (PTI): Cochin Port Trust (CPT) has signed a concession agreement with Petronet LNG Limited (PLL) for setting up the Liquefied Natural Gas (LNG) terminal and a re-gasification plant within the SEZ promoted by the port at Puthuvype island near here.

CPT Chairman, N Ramachandran, after signing the agreement with A Sengupta, Director (Finance and Commercial) of PLL on Thursday, said the new project estimated to cost over Rs 4,000 crore was expected to boost the revenues of the port as well as the economy of the region.

The Puthuvype facility would initially handle 2.5 mn metric tonnes of LNG annually, he said.

"The LNG project and re-gasification facilities are key projects on which Kochi's future development depends a lot," he said and added that the LNG facility was a bigger project than the International Container Transhipment Terminal (ICTT) project scheduled for commission on November 30, this year.