Petronet LNG has signed supplementary Memorandum of Understanding (MoU) with Tellurian Inc., a Delaware Corporation on February 27, 2020. This shall keep the MoU effective unless terminated by either party and shall automatically expire upon the earlier of a date of execution of transaction agreements or May 31, 2020 or any such later date as may be mutually agreed by the Parties in writing.
Earlier, the company had signed a Non-binding MoU with Tellurian Inc. at Houston, USA wherein the Company and its affiliates will like to explore possibility of purchase of up to 5 Million Tonnes Per Annum (5 MTPA) of liquefied natural gas (LNG) from Driftwood project concurrent with equity investment.
Petronet LNG is one of the leading players in oil and natural gas industry space. The company's promoters are GAIL (India), Oil & Natural Gas Corporation (ONGC), Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation (BPCL).