Kochi Refineries
has agreed to set up single buoy mooring (SBM) facility at Puthuvypeen, within
the geographical boundaries of Kochi port.
Earlier the
company had planned to set up SBM facility at Manakkodam near Chethala with an
investment of Rs.600-800 crore as it would save Rs.200 crore per year. The port
had objected to this proposal, as it would lose 70 per cent of its revenue is
derived from oil and oil products.