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HOUSTON – (BUSINESS WIRE– Tellurian Inc. (Tellura) (NASDAQ: TELL) and Petronet LNG Limited INDIA (PLL) announced today that the two companies have signed a memorandum of understanding under which Petronet and its affiliates are considering negotiating the Five million tonnes per year (5 million tonnes per year) of liquefied natural gas (LNG) from Driftwood, in addition to its equity investment, which is still subject to extensive review and approval of its board of directors. Tellurian and Petronet will endeavor to finalize the transaction agreements by March 31, 2020.
President and Chief Executive Officer Meg Gentle said, "Petronet, the largest LNG importer in India, will be able to supply clean, inexpensive and reliable natural gas from Driftwood. The increased use of natural gas will enable India to fuel its impressive economic growth in order to achieve Prime Minister Modi's goal of a $ 5 trillion economy while contributing to a more sustainable environment. clean. It is an honor to sign the protocol agreement with Petronet in the presence of H. E. Prime Minister Narendra Modi. At Tellurian, we hope for a long and prosperous partnership with Petronet in the Driftwood project. "
The Driftwood Project includes natural gas production, gathering, processing and transmission facilities, and Driftwood LNG, a proposed 27.6 million metric tonnes liquefaction export facility to be located near of Lake Charles, Louisiana, on the American coast of the Gulf of Mexico. In April, the US Federal Energy Regulatory Commission (FERC) issued the order authorizing Driftwood LNG and the 96-kilometer Driftwood Pipeline, which will interconnect the LNG terminal to the US natural gas market.
About Tellurian Inc.
Tellurian was founded by Charif Souki and Martin Houston and is led by President and CEO Meg Gentle. Tellurian aims to create value for its shareholders by creating an inexpensive global low-cost natural gas company that delivers cost-effective natural gas to customers around the world. Tellurian is developing a portfolio of natural gas production, LNG trading and infrastructure including an LNG export facility of approximately 27.6 million tonnes per year and associated pipeline. Tellurian is headquartered in Houston, Texas, and its common shares are listed on the Nasdaq Capital Market under the symbol "TELL".
For more information, visit www.tellurianinc.com. Follow us on Twitter at twitter.com/TellurianLNG
About Petronet
Petronet LNG Limited INDIA is the largest importer of LNG in India and one of the fastest growing world-class companies in India's energy sector, recording a 25% revenue growth in India. Last year, with a market capitalization of about 5.1 billion USD. Petronet has developed the country's first LNG receiving and regasification terminal in Dahej, Gujarat (17.5 Mtpa), and another terminal in Kochi, Kerala (5 Mtpa). Created in 1998 by the Indian Government as a joint venture to import LNG and install terminals there, it brings together the main Indian players in the oil and natural gas sector, including GAIL (India) Limited (GAIL), Oil & Natural Gas Corporation. Limited (CGSB), Indian Oil Corporation Limited (IOCL) and Bharat Petroleum Corporation Limited (BPCL). Petronet is listed on the BSE and the NSE under the symbol "PETRONET".
For more information, please visit www.petronetlng.com
WARNINGS ON FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of US federal securities laws. The words "anticipate", "assume", "believe", "budget", "estimate", "expect", "forecast", "initial", "intention", "may", "plan", "potential" " Project "," proposed "," should "," will "," will "and similar expressions are intended to identify forward-looking statements. The forward-looking statements set forth herein include, but are not limited to, the ability, timing and other aspects of the Driftwood Project and the parties' negotiation of the terms of any future equity and LNG purchase agreement. Petronet. These statements involve a number of known and unknown risks that could cause actual results to differ materially from the expectations expressed or implied in the forward-looking statements. These risks include the matters discussed in Item 1A of Part I of the Annual Report on Form 10-K for the year ended December 31, 2018 and other documents filed by Tellurian with the Securities and Exchange Commission, all of which are incorporated herein by reference. There can be no assurance that Petronet's potential interest in the Driftwood Project or the potential LNG Purchase Agreement will be finalized. The commencement of construction of the Driftwood Project is conditional upon the conclusion of funding arrangements that may not be completed on time or not completed at all. The forward-looking statements contained in this press release are valid as of the date of this release. Although Tellurian may from time to time voluntarily update its prior forward-looking statements, it does not undertake to do so, except as required by securities legislation.
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