CTCI wins Kochi â€کregasification' bid

Vol 13, PW 2 (02 Jul 09) News in Brief
     

CTCI of Taiwan has won the contract to set up regassification facilities at Petronet-LNG’s upcoming 2.5m t/y LNG terminal at Kochi in southern India.

Quoting $320m, CTCI won the contract against stiff competition from two consortia: Punj Lloyd with Technip of France and UK’s Whessoe with SK Engineering of South Korea. “Punj missed the contract by a whisker,â€‌ says an industry source.

“The difference between its price and CTCI was around $20m.â€‌ Whessoe, sources add, quoted $10m to $20m higher than Punj.

In India, Japanese trader Itochu represents CTCI, which joined the race for the Kochi regassification contract in December 2007. Petronet-LNG awarded a Letter of Intent to CTCI on June 25 following approval by company directors at a board meeting.

Under the terms, CTCI must set up regassification facilities within 35 months from the date of award. Mechanical completion will take 32 months and commissioning will take another three months.