One week after it was announced with considerable fanfare at the start of Prime Minister Narendra Modi’s visit to the United States, several loose ends are yet to be tied up in the $2.5 billion (₹17,668 crore) investment planned by Indian PSU Petronet in American LNG company Tellurian.
According to information with The Hindu, the first sign of trouble for the deal came at the signing itself on September 21, when it became clear that what was signed in the presence of Mr. Modi was not the actual agreement, but only a second Memorandum of Understanding.
On February 14, Petronet and Tellurian had already signed an MoU for 5 million tonnes a year and an 18% equity stake. Tellurian Inc. had promised to “make a final investment decision and begin construction in the first half of 2019” for its Driftwood LNG project in Louisiana and had been negotiating to complete the agreement in time for Mr. Modi’s visit.
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One week after it was announced with considerable fanfare at the start of Prime Minister Narendra Modi’s visit to the United States, several loose ends are yet to be tied up in the $2.5 billion (₹17,668 crore) investment planned by Indian PSU Petronet in American LNG company Tellurian. According to information with The Hindu, the first sign of trouble for the deal came at the signing itself on September 21, when it became clear that what was signed in the presence of Mr. Modi was not the actual agreement, but only a second Memorandum of Understanding. On February 14, Petronet and Tellurian had already signed an MoU for 5 million tonnes a year and an 18% equity stake. Tellurian Inc. had promised to “make a final investment decision and begin construction in the first half of 2019” for its Driftwood LNG project in Louisiana and had been negotiating to complete the agreement in time for Mr. Modi’s visit.
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