Modi in US: Petronet signs MoU with Tellurian to import 5 million tonnes of LNG
A statement from Tellurian said the Memorandum of Understanding (MoU) was signed in Modi's presence.
US natural gas company Tellurian Inc. and Petronet LNG Limited (PLL) of India have signed an MoU, under which PLL and its affiliates intend to import up to five million tonnes per annum (5 mtpa) of liquefied natural gas (LNG) from America, the two companies announced on Saturday.
Tellurian and Petronet will endeavour to finalise the transaction agreements by March 31, 2020, they added.
The announcement came after Prime Minister Narendra Modi had a meeting with the CEOs of top oil companies based in the US here on Saturday.
A statement from Tellurian said the Memorandum of Understanding (MoU) was signed in Modi's presence.
"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 USD 5 trillion economy, while contributing to a cleaner environment.
"It is an honour to sign the MoU with Petronet in the presence of Prime Minister Narendra Modi.
At Tellurian, we look forward to a long and prosperous partnership with Petronet in the Driftwood project," Tellurian's president and CEO Meg Gentle said.
The Driftwood project includes natural gas production, gathering, processing and transportation facilities, along with Driftwood LNG, a proposed 27.6 mtpa 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.
Under the MoU, Petronet and its affiliates intend to negotiate the purchase of up to 5 mtpa of LNG from Driftwood, concurrent with its equity investment, which remains subject to further due diligence and approval of its board of directors.
www.indiatoday.in/business/story/petronet-signs-mou-with-us-firm-tellurian-1601861-2019-09-22
India's Petronet to sign $2.5 billion LNG deal with U.S. developer Tellurian
NEW DELHI (Reuters) - India’s Petronet LNG is set to sign a deal with U.S. liquefied natural gas (LNG) developer Tellurian Inc worth more than $2 billion in the proposed Driftwood project in Louisiana, two sources told Reuters.
This will be part of wider cooperation between both countries, with Indian Prime Minister Narendra Modi expected to meet U.S. President Donald Trump in Houston this weekend to discuss ways to deepen their energy and trade relationship.
India could increase its trade footprint at a time when the United States and China are in the midst of a tit-for-tat trade war, analysts have said.
Petronet will sign a memorandum of understanding (MOU) with Tellurian on Saturday to invest $2.5 billion for rights of up to 5 million tonnes a year of LNG over the lifespan of the project, two sources familiar with the matter said.
The MOU will be signed at an energy forum in the presence of Modi, one of the sources said, declining to be named as he was not authorized to speak with media.
This would be a big part of Modi’s trade discussion with U.S. President Donald Trump, he said.
Indian gas importer Petronet and Tellurian had first signed a broader agreement in February which did not specify investment numbers or offtake volumes.
India is expanding its pipeline network and building new LNG import terminals to encourage the use of cleaner fuel.
Modi has set a target to raise the share of natural gas in India’s overall energy mix to 15% in the next few years from about 6.5%.
Tellurian is offering an equity interest in Driftwood Holdings, which comprises Tellurian’s upstream company, its pipeline and the upcoming terminal that will be able to export 27.6 million tonnes 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 U.S. company’s website.
https://in.reuters.com/article/us-i...u-s-developer-tellurian-sources-idINKBN1W51LX
Petronet LNG signs USD 2.5 billion deal to take stake in US LNG plant
The firm's 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."
Read more at:
//economictimes.indiatimes.com/articleshow/71243075.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Petronet LNG signs USD 2.5 billion deal to take stake in US LNG plant
The firm's 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."
Read more at:
//economictimes.indiatimes.com/articleshow/71243075.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
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