GE Oil & Gas has made a US$25 million preferred equity investment in Tellurian Investments Inc., which has an implied Tellurian Investment Inc. Common Stock value of US$5.94 per share.
Tellurian President and Chief Executive Officer (CEO), Meg Gentle, said: “This investment represents another step forward in the development of Driftwood LNG, where we are working together with GE to design the lowest cost liquefaction for the global market. GE Oil & Gas has provided technology for LNG facilities worldwide for over 25 years and is a pioneer in innovation and a leader in reliability. We look forward to a long and beneficial partnership with the GE team.”
Driftwood LNG is in the engineering design and pre-filing phase of the project. In June 2016, the US Federal Energy Regulatory Commission (FERC) approved Driftwood LNG’s pre-filing request. Tellurian said that it expects construction on Driftwood LNG to begin in 2018, with the project set to become operational in 2022.
In August 2016, Tellurian entered into a merger agreement with Magellan Petroleum Corp., and expects the agreement to close in 4Q16.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/28112016/ge-oil-gas-invests-in-tellurian/