The work of the terminal is almost complete and final testing of some equipment is going on, Balyan told reporters here.
The 5 million tonne per annum year capacity terminal will work only to around 20% capacity.
When asked about the proposed 1,200-MW power plant to be set up with the state government at the terminal premises, he said a detailed project report would soon be ready following which further decision would be taken.
The Kochi LNG terminal is the company's second such facility after Dahej in Gujarat.
He said a GAIL pipeline up to Bangalore would be laid in the second phase and construction would take at least a year.
Earlier, TKA Nair, Prime Minister's Advisor, reviewed the LNG, Gail projects and the Power project in kayamkulam. GAIL Chairman, BC Tripathy said seven million of additional LNG has been lined up by GAIL the delivery of which will commence from next year onwards in instalments.