Petronet to invest $2.5 bn in Houston’s Tellurian Inc for 5 mn tonnes gas
India’s largest LNG importer Petronet will invest USD 2.5 billion for nearly 20 per cent equity stake in US energy major Tellurian Inc’s Driftwood project to negotiate the purchase of 5 million tons of gas per annum.
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 agreement also includes PLL making investment in the equity of USD 28 billion Driftwood project in Louisiana to secure the LNG.
“On the sidelines, an MoU was signed between Tellurian, a Houston based energy major and Petronet LNG. Petronet will invest USD 2.5 billion in Tellurian’s proposed Driftwood LNG export terminal, in exchange for the rights to 5 million metric tons of LNG per year over 40 years,” Ministry of External Affairs said in a statement.
