Petronet set to invest $2.5 billion in Tellurian Inc
Under the leadership of MD & CEO Prabhat Singh, India’s largest LNG importer Petronet has signed a Memorandum of Understanding (MoU) with US natural gas company Tellurian Inc.
According to the MoU signed by the brands, Petronet will invest $2.5 billion in Tellurian’s proposed Driftwood LNG export terminal, in exchange for 5 million metric tons of LNG per annum for over 40 years.
The MoU was signed by both the parties in front of India Prime Minister Narendra Modi when he met CEOs of 17 global energy companies in Houston.
Also, the agreement includes PLL will allegedly be making investment in the equity of USD 28 billion Driftwood project in Louisiana to secure the LNG.
Speaking about the deal, President and CEO, Tellurian Inc., Meg Gentle said “It is an honour to sign the MoU with Petronet in the presence of Prime Minister Narendra Modi. At Tellurian, we look forward to a long and prosperous partnership with Petronet in the Driftwood project.”
The Petronet deal is said to be the largest deal made by an Indian company in US LNG, came after Prime Minister Narendra Modi had a meeting with the CEOs of top US-based oil companies in Houston on Saturday.
In a statement, Tellurian said, “Petronet, India’s largest LNG importer, will be able to deliver clean, low-cost and reliable natural gas to India from Driftwood. Increasing natural gas use will enable India, currently the sixth-largest buyer of US LNG, to fuel its impressive economic growth to achieve Prime Minister Modi’s goal of a USD 5 trillion economy, while contributing to a cleaner environment.”