Tellurian inks Driftwood LNG MoU with India’s Petronet
US LNG export project developer, Tellurian signed a memorandum of understanding with India’s Petronet LNG for a potential purchase of up to 5 mtpa from the Driftwood export project near Lake Charles, Louisiana.
According to a statement by Tellurrian, the two companies intend to negotiate the supply deal, concurrent with Petronet’s equity investment, which remains subject to further due diligence and approval of its board of directors.
Tellurian and Petronet aim to finalize the transaction agreements by March 31, 2020.
President and CEO Meg Gentle said, “Increasing natural gas use will enable India to fuel its impressive economic growth to achieve Prime Minister Modi’s goal of a $5 trillion economy while contributing to a cleaner environment.”
The Driftwood project includes natural gas production, gathering, processing, and transportation facilities, along with Driftwood LNG, a proposed 27.6 mtpa liquefaction export facility on the U.S. Gulf Coast.
In April, the U.S. Federal Energy Regulatory Commission (FERC) issued the order granting authorization for Driftwood LNG and the 96-mile Driftwood Pipeline, which will inter-connect the LNG terminal to the U.S. natural gas market.