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".
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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).
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