Petronet LNG likely to commission Kochi terminal by May-Jun

RK Garg, director - Finance, Petronet LNG  expects the Kochi terminal to be commissioned by end of May or early June. In an interview to CNBC-TV18 he says, "Kochi is connected with a small pipeline within Kerala and that too around 44 kilometers. There is not much demand and for  that we will be buying spot LNG or short-term LNG from the market."

Also Read: ONGC to sign pact for Mangalore LNG terminal on Mar 18

Below is the verbatim transcript of RK Garg's interview on CNBC-TV18

Q: During January and February, the international LNG prices have been pretty tight, did you see a fall in volumes because of the demanding prices?

A: In January and February because of the high demand in the market, especially in Japan due to high winter, the prices of spot cargoes and spot LNG has moved up. The price prevailing even for India was around USD 17 per mmbtu. The market has now softened and prices are coming down and it is currently hovering around mid-15 and therefore we are seeing the demand of LNG now.

Q: What were your utilisation levels in January and February, were they around Q3 numbers, significant lower, any number that you can give us?

A: In January and February because the prices were quite high, there has been a slow demand because the consumers in those sectors cannot afford the prices. Overall January-February even in March, is okay. As far as we are concerned, that terminal has a limitation that we cannot do beyond a nameplate capacity. We are already operating around 10 million tonne.

Q: With regards to fertilisers, have you seen a slackening of demand because that is usually a weak period, was the off-take much lower?

A: Fertiliser yes, off-take is now there and they are also looking for more gas and in terms of LNG. One thing is important for the fertiliser sector because a new fertiliser policy that had been announced few months back, now there is a lot of interest in the fertiliser industry for putting up more fertiliser facility and expansion and looking for more and more LNG in future.

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