The Kochi terminal of Petronet LNG Limited, commissioned last year, processed 0.99 trillion British thermal units (tBtus) of LNG, serving the Kochi Refinery, with a capacity utilisation of 1.6 per cent during the third quarter (October 1 to December 31, 2014) of the current financial year.
The total volume processed by the company in the country during the quarter was 141.41 tBtus compared to 150.47 tBtus in the previous quarter and 123.49 tBtus in the corresponding quarter of the previous financial year.
The company’s net profit at Rs. 162 crore in the third quarter indicated 19 per cent increase over the corresponding quarter of the previous financial year (Rs. 136 crore). The reason for the increase in profit is an overall increase in volumes, the company said in a statement.
However, as compared to the previous quarter, the profit has decreased by about 38 per cent. The sharp decrease is on account of lower trading margins and lower volumes, primarily attributable to sudden drop in crude and changes in the domestic market conditions, the statement said.
The Kochi terminal has not been able to attain optimum capacity utilisation owing to the non-completion of pipelines connecting the terminal to northern parts of Kerala and from there to Mangalore and Bangalore through separate lines. Gail India Limited, entrusted with the task of laying the pipelines, had to call off the work on various stretches along the Kochi-Koottanad-Bangalore and Koottanad-Mangalore route owing to protest from farmers, supported by political parties.
Talks fail
Several discussions at the government level to sort out the issue had failed to arrive at a solution. But the government has assured to provide police protection if required to execute the pipe-laying work, a senior official of GAIL said. A letter to the effect has been received by the company from the Industries department, the official added.
The company would have to follow the procedure of inviting tenders once again to execute the work. Thus it is bound to take some more time before the work could be resumed.
The Kochi terminal has not been able
to attain optimum capacity utilisation owing to the non-completion of pipelines connecting the terminal to northern parts of Kerala.
