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India's Petronet inks deal to offtake 5 mtpa from Tellurian's Driftwood LNG

Tellurian Inc. and Petronet LNG Ltd. have signed a memorandum of understanding through which Petronet and its affiliates intend to negotiate the purchase of up to five million tonnes per annum of LNG from Tellurian's Driftwood LNG export project in Louisiana.

The transaction is concurrent with Petronet's $2.5 billion equity investment in the project, which remains subject to further due diligence and approval of its board of directors. Tellurian and Petronet aim to finalize the transaction agreements by March 31, 2020.

Petronet, India's largest LNG importer, will deliver the LNG from Driftwood to India, Tellurian President and CEO Meg Gentle said.

The Driftwood LNG project will have a capacity of 27.6 mtpa, with half expected to be used by equity investment partners. The rest would be retained by Tellurian to market on its own.