Petronet LNG and US-based Tellurian Inc. do not have an agreement any more, revealed Petronet’s Managing Director and Chief Executive Officer A K Singh on Wednesday.
This means that the proposed $2.5-billion investment in Tellurian’s Driftwood LNG project will not fructify.
Responding to queries from Business Standard, Singh said, “I think the memorandum of understanding (MoU) is not extended. As of today, there is no MoU with us.”
Under the terms of agreement, the two were to finalise an investment deal by December 2020. This was after an earlier extension to the agreement had lapsed in March 2020. When asked about the reason for another extension not being sought, Singh said, “It is not from Petronet LNG, it is from Tellurian. We did not get any request for an extension,” indicating the deal agreement stands annulled.
