Cochin Port Union ask management to maximize revenue from created assets

In a resolution, CPEO alleged that the port management had not made efforts to explore the possibilities of extracting revenue from key projects such as Petronet LNG regasification terminal, LPG import terminal, multi-user liquid terminal and the International Container Transhipment Terminal, Vallarpadam, with a total investment of approximately ₹10,000 crore.

All mega projects have been established on land leased by the port on a long-term basis with nominal rent. It is important that these projects yield the maximum revenue for the port authority. Although the ICTT has completed 13 years of operations on Vallarpadam Island, it does not fully utilise the infrastructure facilities provided by the port.

The accounts of Cochin Port reveal that the revenue shared by the terminal operator is not adequate even to meet the expenditure for maintenance dredging, CPEO said.

The Petronet LNG terminal Puthuvype was commissioned in 2013 and if the mega project is fully operational, it can bring substantial revenue to the port. Similarly, the multi-user liquid terminal established at Puthuvype by Indian Oil Corporation is also not delivering expected results, the union said.

CD Nandakumar, general secretary, CPEO said that the union has decided to form an action plan to ensure the revival of port activities.

The plans to convert Willingdon Island into a tourism hub is only a seasonal activity and would not create any potential job opportunities or revenue to the port rather than some help to taxi/auto operators with the arrival of cruise ships, he said.