The company operates the 5 million ton-a-year Kochi terminal at a sub-optimal 5 per cent of capacity because of a delay in laying of pipelines connecting the port to consumption centres in Karnataka and Tamil Nadu.
Petronet LNG Ltd, the nation's biggest importer of liquid natural gas, has invited bids to lease out under-utilised storage tanks at its recently commissioned LNG import facility at Kochi in Kerala.
The company operates the 5 million ton-a-year Kochi terminal at a sub-optimal 5 per cent of capacity because of a delay in laying of pipelines connecting the port to consumption centres in Karnataka and Tamil Nadu.
To make Kochi an economically viable proposition, Petronet has invited bids to lease out two liquefied natural gas (LNG) storage tanks for two years.
"Kochi LNG terminal has two LNG storage tanks of nearly 182,000 cubic meters gross capacity each and regasification facilities to regasify 5 million tons per annum LNG," Petronet said in the notice inviting tenders.
LNG is natural gas that is chilled to minus 160 degrees Celsius to liquid state for ease of transportation by ship.
LNG is converted back into gaseous state at the import facility (regasification) before being sold to users such as power and fertiliser plants.
"Petronet plans to lease out a part of the storage capacity for a period of about two years initially at Kochi," the notice said.
It said the Kochi terminal has a jetty with berthing and back-up facility to safely handle LNG carriers from 65,000 cubic meters to 216,000 cubic meters capacity.
The storage can be used by traders who want to import gas and resell it to customers or entities seeking to contract LNG for their own use.
The facility is also useful for LNG suppliers, like those in the Middle East, who want to use Kochi as an intermittent storage point for supplying customers in the east. Officials said the Kochi storage can be used to store LNG during times of glut or low prices.
Petronet also has a 10 million ton-a-year LNG import facility at Dahej, which it operates at more than installed capacity.
"Expression of interest is invited from established, experienced and bona fide LNG suppliers/traders/terminal operators for short to medium-term leasing of storage capacity. The commercials associated with the utilisation of terminals will be as per international norms and are
negotiable," Petronet said its notice.
EoIs have been invited by April 30.
Petronet LNG stock price
On April 21, 2014, Petronet LNG closed at Rs 140.10, down Rs 0.35, or 0.25 percent. The 52-week high of the share was Rs 148.15 and the 52-week low was Rs 102.50.
The company's trailing 12-month (TTM) EPS was at Rs 10.50 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 13.34. The latest book value of the company is Rs 59.33 per share. At current value, the price-to-book value of the company is 2.36.
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