Tellurian, a Houston-based liquefied natural gas (LNG) producer, has extended the timing of its memorandum of understanding (MOU) with Petronet LNG. Under the MOU, Petronet will negotiate the purchase of up to 5 million tonnes per annum (5 mtpa) of LNG from the Driftwood project and an equity investment in Driftwood Holdings. The timing has been extended to May 31, 2020, from March 31 previously, to allow Petronet to carry out its consultative review process.
Tellurian’s President and CEO, Meg Gentle, commented: “We are very supportive of Petronet’s process to ensure their robust project review. With India’s LNG demand increasing 27% year over year, and the H.E. Prime Minister Narendra Modi’s plans for $60 billion of investments in natural gas infrastructure, India is perfectly poised to benefit from strategic project agreements such as Petronet’s equity investment in Driftwood.”