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After PM Modi's 'Fruitful' Meet, Tellurian & Petronet Sign 'One of the Largest' LNG Deals in US History

The meeting between PM Narendra Modi and the CEOs of the top US oil companies is said to have focused on working together for energy security and expanding mutual investment opportunities between India and the United States.

News18.com

Updated:September 22, 2019, 2:03 PM IST
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After PM Modi's 'Fruitful' Meet, Tellurian & Petronet Sign 'One of the Largest' LNG Deals in US History
PM Narendra Modi overlooks the signing of the MoU between Petronet LNG and Tellurian. (Image : Twitter/@PMOIndia)

Houston: After Prime Minister Narendra Modi's "fruitful" meeting with CEOs from the energy sector, 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.

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.

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.

"Getting straight to business. PM @narendramodi just concluded a fruitful interaction with top energy sector CEOs at a Roundtable meeting in #Houston. Discussion focussed on working together for energy security and expanding mutual investment opportunities between India & US," MEA Spokesperson Raveesh Kumar had said in a tweet after the meeting.

Earlier, the Prime Minister's Office (PMO) had posted on Twitter a couple of photographs of Modi's meeting with the chief executive officers (CEOs) of some of the top oil companies based in the US.

"Further energising India-USA friendship. Among the first engagements of PM @narendramodi in Houston is a meeting with CEOs from the energy sector. India and USA are looking to diversify cooperation in this sector," the PMO tweeted.

The prime minister is scheduled to address over 50,000 Indian-Americans at the "Howdy, Modi" event on Sunday, in which he will be joined by US President Donald Trump. The event at the sprawling NRG football stadium here will be the largest gathering ever for an elected foreign leader visiting the US, other than the Pope.

(With inputs from PTI)

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