INSUBCONTINENT EXCLUSIVE:
Deal between Petronet LNG and Tellurian was signed in presence of Prime Minister Narendra Modi.Shares of Petronet LNG surged as much as
13.17 per cent to Rs 302 but erased gains and fell as much as 7.40 per cent to Rs 247.10 on the BSE
Petronet LNG signed a memorandum of understanding with US-based Tellurian Inc
on Saturday at Houston, USA
On the National Stock Exchange, Petronet LNG rose as much as 12.21 per cent to Rs 299 and fell as much as 7.41 per cent to Rs 246.70
From intraday high levels, the stock dropped 17.5 per cent, underperforming the Nifty and Sensex which were up over 3 per cent
each."Petronet LNG 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
The process is subject to due diligence and approval of respective board of directors," the company said in an exchange notification on
Sunday.Petronet will take an equity investment in Tellurian's Driftwood project in Louisiana, they said, without providing financial
The companies said they would try to finalize the deal by March 31, 2020.The memorandum of understanding between Petronet LNG and Tellurian
was signed under the presence of Prime Minister Narendra Modi
After the deal PM Modi tweeted: "It is impossible to come to Houston and not talk energy! Had a wonderful interaction with leading energy
We discussed methods to harness opportunities in the energy sector
Also witnessed the signing of MoU between Tellurian and Petronet LNG."As of 12:15 pm, Petronet LNG shares traded 5.20 per cent lower at Rs
252.60.(With inputs from Reuters)Get Breaking news, live coverage, and Latest News from India and around the world on
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