Tellurian Inc. has extended its memorandum of understanding (MOU) with Petronet LNG Ltd, pursuant to which Petronet and its affiliates intend to negotiate the purchase of up to 5 million tpy of LNG from the Driftwood project, concurrent with an equity investment in Driftwood Holdings.
The MOU signed in September 2019 previously contemplated that transaction agreements would be finalised by 31 March 2020. The timing has been extended to 31 May 2020 to support Petronet’s consultative review process.
President and CEO Meg Gentle said, “Tellurian was in India this week meeting with Petronet and affiliates to progress negotiations, and we are very supportive of Petronet’s process to ensure their robust project review. With India’s LNG demand increasing 27% year over year, and Prime Minister Narendra Modi’s plans for US$60 billion of investment in natural gas infrastructure, India is perfectly poised to benefit from strategic project agreements such as Petronet’s equity investment in Driftwood.”