Petronet signs MoU with US firm Tellurian

22 Septembre, 2019, 16:21 | Auteur: Auguste Feret
  • News              India’s Petronet tusches MoU with Tellurian for 5 MTPA LNG                            By          admin

India's Liquefied Natural Gas (LNG) importer Petronet has chose to invest $2.5 billion in US LNG developer Tellurian Inc., in an agreement that will allow Indian counterpart to import up to five million tonnes per annum (5 mtpa) of LNG a year.

A $500 million investment in Driftwood would give the stakeholder rights over one million tonnes a year of LNG over the life of the project, according to a presentation by Tellurian posted on the USA company's website.

Sources told Reuters on Friday that Petronet would sign a memorandum of understanding with Tellurian to invest $2.5 billion for rights of up to 5 million tonnes a year of LNG over the lifespan of the Driftwood project.

The announcement came after Prime Minister Narendra Modi had a meeting with the CEOs of top oil companies based in the United States on Saturday.

A statement from Tellurian said the Memorandum of Understanding (MoU) was signed in PM Modi's presence.

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"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".

Prime Minister Narendra Modi, who arrived in Houston on Saturday, is set to 50,000 Indian-Americans in the grand "Howdy, Modi!" event on Sunday evening.

Petronet and Tellurian will endeavour to finalise the transaction agreements by March 31, 2020. The Driftwood project includes natural gas production, gathering, processing, and transportation facilities, along with a proposed 27.6 mtpa liquefaction export facility. Petronet developed the country's first LNG receiving and regasification terminal at Dahej, Gujarat (17.5 mtpa), and another terminal at Kochi, Kerala (5 mtpa).

After the Houston event, PM Modi is scheduled to be in NY from September 23 to 27. MEA Spokesperson Raveesh Kumar in a tweet said, "Getting straight to business".

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