Petronet signs MoU with US firm Tellurian

PM Modi in US

PM Modi in US

India's Petronet LNG has inked a MoU with United States liquefied natural gas (LNG) developer Tellurian Inc for up to five million tonnes of LNG through equity investment in Driftwood Holdings, a subsidiary located in Louisiana. The agreement also includes PLL making investment in the equity of Driftwood project to secure the LNG. The companies said they would try to finalize the deal by March 31, 2020.

The Houston-based Tellurian and Petronet LNG Ltd (PLL) signed an MOU on Saturday under which the Indian company and its affiliates will import 5 million tons of LNG from America over a 40-year period.

The MoU was signed on the sidelines of Prime Minister Narendra Modi's meeting with CEO's of the energy sector in Houston city. "Also witnessed the signing of MoU between Tellurian and Petronet LNG". PM @narendramodi just concluded a fruitful interaction with top energy sector CEOs at a Roundtable meeting in #Houston.

The statement by Tellurian, released on Saturday, the MoU was signed in Modi's presence.

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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. The president and CEO of Tellurian Inc, Meg Gentle has said that this deal to increase the natural gas use will help the Indian economy to sustainably become a $5 trillion economy.

India is expanding its pipeline network and building new LNG import terminals to encourage the use of cleaner fuel. "The U.S. wants to displace Middle East supplies and India is a large market". Petronet developed the country's first LNG receiving and regasification terminal at Dahej, Gujarat (17.5 mtpa), and another terminal at Kochi, Kerala (5 mtpa). "Discussion focussed on working together for energy security and expanding mutual investment opportunities between India & US".

Mr Modi was accompanied by External Affairs Minister Dr S Jaishankar, Foreign Secretary VIjay Gokhale and Indian ambassador to the US Harsh Vardhan Shringla at the meeting. He's set to take the podium at Houston's NRG Stadium with President Trump on Sunday and address a crowd of more than 50,000.

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