Petronet LNG, India’s largest liquefied natural gas importer, is poised to sign a £1.92 billion deal with US LNG project developer Tellurian. The deal is set to be signed during president Trump’s visit to India later this month.

The signing follows the memorandum of understanding (MoU) signed in September 2019, under which the two companies intend to negotiate the supply deal, (concurrent with Petronet’s equity investment), which remains subject to further due diligence and approval of its board of directors.

This deal was initially scheduled to be completed by March 31, 2020 and includes Petronet LNG’s purchase of up to 5 mtpa from the Driftwood export project near Lake Charles, Louisiana.

This supply is set to start in 2024 and rise to the agreed amount of 5 mtpa in 2028, according to Reuters. 

The Driftwood project includes natural gas production, gathering, processing, and transportation facilities, along with Driftwood LNG, a proposed 27.6 mtpa liquefaction export facility on the US Gulf Coast.

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5th February 2020