Ltd.Petronet was not immediately available for comment.Tellurian has said the $27.5 billion Driftwood project in Louisiana, which includes pipelines, is designed to produce 27.6 million tonnes per annum of LNG.Indian Prime Minister Narendra Modi has set a target to raise the share of gas in India's energy mix to 15% by 2030 from 6.2% now.Shares of Tellurian, which did not comment on the Petronet deal, were up 11% in early trade.A memorandum of understanding that lapsed on May 31 was renewed last week ahead of a virtual meeting between Indian oil minister Dharmendra Pradhan and U.S. Energy Secretary Dan Brouillette.India is expanding its pipeline network and building LNG import terminals to encourage use of cleaner fuel.The deal is seen as part of wider cooperation between both countries.India's top gas importer, Petronet LNG, has renewed its initial deal to consider investing $2.5 billion in U.S. liquefied natural gas (LNG) developer Tellurian Inc's Driftwood project, Indian sources familiar with the matter said.The agreement was expected to be finalized by March 31. Tellurian later said the companies extended the deadline to May 31 to support Petronet's review process.India's top gas importer, Petronet LNG, has renewed its initial deal to consider investing USD 2.5 billion in US liquefied natural gas (LNG) developer Tellurian Inc's Driftwood project, Indian sources familiar with the matter said. Petronet and Tellurian now have time until the end of December to finalize the deal, they said. Tellurian and Petronet continuing to negotiate and extend timing of MOU for up to 5 mtpa of LNG Contacts Media: Joi Lecznar SVP Public Affairs and … India continues to need a large amount of LNG and the U.S. continues to produce the lowest cost LNG, so it stands to reason Tellurian would continue to work with all LNG buyers in India," Tellurian said.The companies signed a non-binding agreement in September 2019, in which Petronet agreed to negotiate the annual purchase of up to 5 million tonnes of LNG over the lifespan of the project, concurrent with an equity investment in Driftwood. Petronet and Tellurian now have time until the … India's top gas importer, Petronet LNG, has renewed its initial deal to consider investing $2.5 billion in U.S. liquefied natural gas (LNG) developer Tellurian Inc's Driftwood project, Indian sources familiar with the matter said.
"The long-term LNG fundamentals have not changed, just slowed by COVID-19. Petronet was not immediately available for comment.The agreement was expected to be finalized by March 31. "The long-term LNG fundamentals have not changed, just slowed by COVID-19. India’s Petronet LNG, the country’s largest liquefied natural gas importer, is set to sign a $2.5 billion deal with the U.S. LNG project developer Tellurian. All rights reserved.The companies signed a non-binding agreement in September 2019, in which Petronet agreed to negotiate the annual purchase of up to 5 million tonnes of LNG over the lifespan of the project, concurrent with an equity investment in Driftwood. Tellurian Resumes Negotiations with Petronet (Reuters) Nidhi Verma and Scott DiSavino (July 21): India’s top gas importer Petronet LNG has renewed its initial deal to consider investing $2.5 billion in Tellurian’s Driftwood LNG project, Indian sources familiar with the matter said.
New Delhi: State-owned gas importer Petronet LNG Ltd may sign the $2.5 billion agreement with US LNG developer Tellurian Inc to pick up 18 per cent stake in Louisiana-based Driftwood LNG Terminal during the upcoming visit of US President Donald Trump to India later this month, two sources privy to the development said.
India is expanding its pipeline network and building LNG import terminals to encourage use of cleaner fuel.A memorandum of understanding that lapsed on May 31 was renewed last week ahead of a virtual meeting between Indian oil minister Dharmendra Pradhan and US Energy Secretary Dan Brouillette.©TV18 Broadcast Limited. India's top gas importer, Petronet LNG, has renewed its initial deal to consider investing USD 2.5 billion in US liquefied natural gas (LNG) developer Tellurian Inc's Driftwood project, Indian sources familiar with the matter said.
Tellurian later said the companies extended the deadline to May 31 to support Petronet's review process. Petronet and Tellurian now have time until the end of December to finalize the deal, they said.Copyright © 2020 VCCircle.com.
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