Houston, Sep 22: US natural gas company Tellurian Inc. and India’s Petronet LNG Limited (PLL) have signed an MoU, under which PLL and its affiliates intend to import up to five million tonnes per annum (5 mtpa) of liquefied natural gas (LNG) from America.
Ahead of the highly-anticipated “Howdy, Modi!” event, Prime Minister Narendra Modi met top energy sector CEOs at a round table meeting at Houston on Saturday, his first engagement since arrival in US.
According to the statement by Tellurian, which was released on Saturday, the Memorandum of Understanding (MoU) was signed in Modi’s presence.
“It is an honour to sign the MoU with Petronet in the presence of Prime Minister Narendra Modi. At Tellurian, we look forward to a long and prosperous partnership with Petronet in the Driftwood project,” Tellurian’s president and CEO Meg Gentle said in the statement.
The statement further said: “Petronet, India’s largest LNG importer, will be able to deliver clean, low-cost and reliable natural gas to India from Driftwood. Increasing natural gas use will enable India to fuel its impressive economic growth to achieve Prime Minister Modi’s goal of a USD 5 trillion economy while contributing to a cleaner environment.”
The transaction agreements will be finalised on March 31, 2020.
“It is impossible to come to Houston and not talk energy!,” PM Modi tweeted and added that he had a “wonderful interaction” with the leading energy sector CEOs. “We discussed methods to harness opportunities in the energy sector. Also witnessed the signing of MoU between Tellurian and Petronet LNG,” he wrote.
Modi in the meeting, which took place on the first day of his weeklong US visit, is said to have focused on working together for energy security and expanding mutual investment opportunities between India and the United States.