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Report: India's Petronet to fund $2.5B of Tellurian's Driftwood LNG project

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Report: India's Petronet to fund $2.5B of Tellurian's Driftwood LNG project

India's Petronet LNG Ltd. will invest in Tellurian Inc.'s Driftwood LNG export project in Louisiana for up to 5 million tonnes per annum of supply, according to a Sept. 20 report from Reuters citing unnamed sources.

Petronet and Tellurian will sign a memorandum of understanding for a $2.5 billion investment deal Sept. 21, the report said. The LNG supply would be provided over the lifespan of the project, Reuters reported.

Tellurian CEO Meg Gentle earlier said Petronet is still identifying the volumes it would take as part of its proposed investment in the project. The company expects to make a final investment decision by year-end, but the project currently has an incremental investment decision.

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.