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IOCL’s LPG import terminal jetty is nearing completion

Kochi: The LPG Import Terminal Project being set up by IOCL at a cost of Rs.715 Crore has two parts namely, the jetty (Multi-user Liquid Terminal – MULT) and the storage terminal at Puthuvypeen which is under limbo. The cost of jetty is Rs.225 Crore which includes Rs. 183 Crores for the construction of Jetty and Rs. 42 Crores towards Dredging. IOCL have assigned the construction of jetty to Cochin Port Trust (CoPT). The construction works commenced in February 2016 with the completion target of 24 months. As per IOCL’s plan, constructions of both the facilities i.e. the jetty and the storage terminal are to be synchronised so that one facility will not become idle for want of other. Though the jetty is a part of the LPG Import Terminal, the protestors have not obstructed the jetty works. The jetty works are nearing completion and will be ready by March 2018 except dredging. The dredging work can be done only just before commissioning as otherwise required draft will not be available due to siltation of the basin. IOCL has invested Rs. 183 Crores for the Jetty and this Facility will simply be idling as the storage terminal would not be ready by then due to the ongoing strike at the storage terminal. As the dredging work has to be deferred now there will be cost overrun due to the delay. The MULT jetty will not only for unloading LPG but for loading/unloading of other petroleum products also namely, Crude oil, diesel, petrol etc. The capacity of MULT is 4.52 million tons per year including LPG. The annual revenue earning expected from MULT after commissioning is Rs 50 Crores which would help Cochin Port. MULT is an additional infrastructure that will be available at Cochin Port and has a huge potential for future development of Cochin port.