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    Tellurian, India's Petronet Sign LNG MoU

Summary

Petronet is also looking to buy an equity stake in Driftwood project.

by: Shardul Sharma

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Tellurian, India's Petronet Sign LNG MoU

Tellurian has signed a memorandum of understanding (MoU) with India’s Petronet LNG to negotiate the supply of up to 5mn metric tons/year of LNG from Driftwood project, Tellurian said September 21. The MoU was signed during Indian prime minister Narendra Modi's ongoing US visit. 

Petronet LNG, India's biggest LNG importer, will also look to pick up an equity stake in the project, Tellurian said. The two companies are aiming to close the transaction agreements by March 31, 2020. 

“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 to fuel its impressive economic growth to achieve prime minister Modi’s goal of a $5 trillion economy while contributing to a cleaner environment," Tellurian CEO Meg Gentle said. 

The Driftwood project includes natural gas production, gathering, processing, and transportation facilities, along with Driftwood LNG, a proposed 27.6mn mt/yr liquefaction export facility that will be located near Lake Charles, Louisiana on the US Gulf Coast.