The Petronet LNG Board had just six months ago disfavoured a $2.5-billion deal to buy 18% stake in US firm Tellurian Inc’s proposed Driftwood LNG terminal, and import 5 million tonnes LNG a year from it for 40 years as the gas was available in plenty and no longer required equity investments, sources said.
Petronet on September 21 signed an MoU with Tellurian “wherein Petronet and its affiliates intend to negotiate the purchase of up to five million tonnes per annum (5 mtpa) of liquefied natural gas (LNG) from Driftwood, concurrent with its equity investment, which remains subject to further due diligence and approval of its board of directors,” according to a joint statement.
