Tellurian Inc. and Petronet LNG Ltd. India (PLL) have announced that the two companies have signed a memorandum of understanding (MOU) wherein Petronet and its affiliates intend to negotiate the purchase of up to five million tpy of LNG from Driftwood, concurrent with its equity investment, which remains subject to further due diligence and approval of its board of directors.
Tellurian and Petronet will endeavour to finalise the transaction agreements by 31 March 2020.
President and CEO Meg Gentle 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 to fuel its impressive economic growth to achieve Prime Minister Modi’s goal of a US$5 trillion economy while contributing to a cleaner environment. It is an honour to sign the MOU with Petronet in the presence of H.E. Prime Minister Narendra Modi. At Tellurian, we look forward to a long and prosperous partnership with Petronet in the Driftwood project.”
The Driftwood project includes natural gas production, gathering, processing and transportation facilities, along with Driftwood LNG, a proposed approximately 27.6 million tpy liquefaction export facility that will be located near Lake Charles, Louisiana on the US Gulf Coast. In April, the US Federal Energy Regulatory Commission (FERC) issued the order granting authorisation for Driftwood LNG and the 96-mile Driftwood Pipeline, which will inter-connect the LNG terminal to the US natural gas market.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/23092019/tellurian-and-petronet-sign-driftwood-lng-mou/