India's Petronet signs MoU with Tellurian for 5 million tonnes of LNG through equity investment in Driftwood

HOUSTON: Indian company Petronet on Sunday signed a Memorandum of Understanding (MoU) with US liquefied natural gas (LNG) developer Tellurian for up to five million tonnes of liquefied natural gas (LNG) through equity investment in Driftwood.

The MoU was signed on the sidelines of the meeting of Prime Minister Narendra Modi with CEOs of 16 oil companies in Houston, United States. As per the MoU signed between the two companies, Petronet and its affiliates will negotiate the purchase of up to five million tonnes annually of LNG from Driftwood. The deal will come into effect after further due diligence and approval of its board of directors, ANI reported.

It is learnt that Petronet and Tellurian are planning to finalise the transaction agreements by March 31, 2020. PM Modi held a roundtable conference with CEOs from the energy sector shortly after reaching Houston to address the mega 'Howdy, Modi' event. MEA Spokesperson Raveesh Kumar in a tweet said, "Getting straight to business. PM @narendramodi just concluded a fruitful interaction with top energy sector CEOs at a Roundtable meeting in #Houston. The discussion focused on working together for energy security and expanding mutual investment opportunities between India & US."

Shortly after his arrival in Houston, PM Modi posted a tweet saying that it's bright here in Houston. The prime minister also said that he is looking forward to a wide range of programmes in Houston. The 'Howdy Modi!' event on Sunday at the sprawling NRG Football Stadium in Houston will be the largest gathering ever for an elected foreign leader visiting the US, other than the Pope.