India’s Petronet LNG has an MoU with US liquefied natural gas (LNG) programmer Tellurian Inc for as many as five million tonnes of LNG through equity investment in Driftwood Holdings, a subsidiary located in Louisiana.
The arrangement was filmed on Saturday on the sidelines of the meeting between Prime Minister Narendra Modi with petroleum industry CEOs at Houston, his first involvement after arriving in the usa.
Launched in 2016 from LNG industry veteran Charif Souki, Tellurian LNG acquired a license to create the organization’s projected Driftwood LNG export terminal in April.
Driftwood LNG was created and allowed to develop around 27.6 million metric tonnes of LNG annually.
According to the MoU, Petronet will create investment to buy an interest in Driftwood Holdings which can give Petronet the right to buy around 5 million tonnes per annum of LNG from Phase I or Phase II of this project.
Tellurian and Petronet will aim to finalize the trade agreements by March 31, 2020.