India's largest LNG importer Petronet will invest $2.5 billion for nearly 20 per cent equity stake in US energy major Tellurian Inc's Driftwood project to negotiate the purchase of 5 million tons of gas per annum. The Houston-based Tellurian and Petronet LNG Ltd (PLL) signed an MOU on Saturday under which the Indian company and its affiliates will import 5 million tons of LNG from America over a 40-year period.
The agreement also includes PLL making investment in the equity of $28 billion Driftwood project in Louisiana to secure the LNG.
"On the sidelines, an MoU was signed between Tellurian, a Houston based energy major and Petronet LNG. Petronet will invest $2.5 billion in Tellurian's proposed Driftwood LNG export terminal, in exchange for the rights to 5 million metric tons of LNG per year over 40 years," Ministry of External Affairs said in a statement.
The Petronet deal, the largest by an Indian company in US LNG, came after Prime Minister Narendra Modi had a meeting with the CEOs of top US-based oil companies.
