The Petronet LNG Board has given in principle sanction for expanding the capacity of Kochi Terminal from 2.5 million tonnes to 5 mt.
This would entail an additional investment of Rs 450crore from the total project cost of Rs 3,700 crore.
The final proposal for capacity expansion of the Kochi project will be considered for approval at the next board meeting of the company, said Mr S. Sundareshan, Secretary, Petroleum and Natural Gas.
Briefing reporters after the board meeting here on Sunday, he said that the company was in discussions various suppliers around the world for sourcing LNG.
He said that the Kochi terminal expansion is moving according to schedule and is expected to be commissioned by March 2012.
Speaking on the occasion, Mr A.K. Balyan, Managing Director and CEO, Petronet LNG, said that PLL is organising a two-day General Assembly Meeting of GIIGNL in Kochi from Monday where all international group of LNG importers will participate.
GIIGNL is a non-profit organisation that promotes exchange of information and experience among its members to enhance safety, efficiency and operational reliability of LNG import terminals worldwide.
The members represent the whole LNG import industry operating in 19 countries around the world. The group meets once in a year at different places. This is the 40 {+t} {+h} assembly of the importers group and India is hosting the conference for the first time, he said.
According to the Petroleum Secretary, public sector oil companies are going to be the major investors in Kerala over the next two years as they have earmarked over Rs 10,000 crore investment in the State.
This included LNG Terminal, GAIL pipelines, upgradation and modernisation of oil companies etc.
He said that all arrangements of laying pipelines by GAIL from Kochi to Mangalore and later to Bangalore; Kochi to Kayamkulam and thereafter to Thiruvananthapuram; under sea pipelines to Kayamkulam from Kochi are complete. The first phase of the project will be ready in the next 18 months and the second phase by 2013.
The State also has one of the largest coverage of LPG connections which accounts for 83 per cent households against national average of 50 per cent. The PSU oil companies are also geared up to meet the requirements of the State as there is a 10 per cent increase in petrol consumption and five per cent in diesel, he added.
On the proposed gas pricing policy, Mr Sundareshan said that the Government is in favour of an approximately uniform price of gas irrespective of source. The company, which discovers the gas will have to fix a price and then come to the Government for approval. Under the APM, the gas pricing range is fixed between $4.2 and $5.5. The price of any newly discovered gas should be in that range, he said.
This would entail an additional investment of Rs 450crore from the total project cost of Rs 3,700 crore.
The final proposal for capacity expansion of the Kochi project will be considered for approval at the next board meeting of the company, said Mr S. Sundareshan, Secretary, Petroleum and Natural Gas.
Briefing reporters after the board meeting here on Sunday, he said that the company was in discussions various suppliers around the world for sourcing LNG.
He said that the Kochi terminal expansion is moving according to schedule and is expected to be commissioned by March 2012.
Speaking on the occasion, Mr A.K. Balyan, Managing Director and CEO, Petronet LNG, said that PLL is organising a two-day General Assembly Meeting of GIIGNL in Kochi from Monday where all international group of LNG importers will participate.
GIIGNL is a non-profit organisation that promotes exchange of information and experience among its members to enhance safety, efficiency and operational reliability of LNG import terminals worldwide.
The members represent the whole LNG import industry operating in 19 countries around the world. The group meets once in a year at different places. This is the 40 {+t} {+h} assembly of the importers group and India is hosting the conference for the first time, he said.
According to the Petroleum Secretary, public sector oil companies are going to be the major investors in Kerala over the next two years as they have earmarked over Rs 10,000 crore investment in the State.
This included LNG Terminal, GAIL pipelines, upgradation and modernisation of oil companies etc.
He said that all arrangements of laying pipelines by GAIL from Kochi to Mangalore and later to Bangalore; Kochi to Kayamkulam and thereafter to Thiruvananthapuram; under sea pipelines to Kayamkulam from Kochi are complete. The first phase of the project will be ready in the next 18 months and the second phase by 2013.
The State also has one of the largest coverage of LPG connections which accounts for 83 per cent households against national average of 50 per cent. The PSU oil companies are also geared up to meet the requirements of the State as there is a 10 per cent increase in petrol consumption and five per cent in diesel, he added.
On the proposed gas pricing policy, Mr Sundareshan said that the Government is in favour of an approximately uniform price of gas irrespective of source. The company, which discovers the gas will have to fix a price and then come to the Government for approval. Under the APM, the gas pricing range is fixed between $4.2 and $5.5. The price of any newly discovered gas should be in that range, he said.