Petronet LNG signs $2.5 billion deal to take stake in US LNG plant

Money Control | Sep 22, 2019 at 1:45 PM
  • Petronet LNG Ltd, India’s biggest liquefied natural gas importer, has signed a preliminary deal to buy a stake in Tellurian Inc’s proposed Driftwood project in Louisiana and import 5 million tonnes a year of LNG.
  • The Driftwood project includes natural gas production, gathering, processing, and transportation facilities, along with Driftwood LNG, a proposed 27.6 mtpa liquefaction export facility that will be located near Lake Charles, Louisiana on the US Gulf Coast.
  • At present, state-owned GAIL India Ltd has 20-year LNG contracts to buy 5.8 million tonnes per year of US LNG, split between Dominion Energy Inc’s Cove Point plant and Cheniere Energy Inc’s Sabine Pass facility in Louisiana.