Kochi terminal utilisation to rise as Kochi-Mangaluru pipeline nears completion; Dahej utilisation to remain above 100%: As per media reports, GAIL (India) is nearing the completion of construction work at the KochiMangaluru pipeline section with ~441.5kms (out of 444kms) of work already accomplished; the pipeline is expected to commissioned by March 2020. We expect utilisation rate at PLNG's Kochi terminal to improve to 25%/38% in FY2021E/FY2022E from ~16% currently, as new consumers (largely refiners and fertiliser plants) are expected to start their LNG offtake post the completion of pipeline section. Additionally, strong gas demand especially...