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Petronet's $ 2.5 billion liquefied natural gas deal marks US Prime Minister's first day | India News



India, US aim to deepen energy co-operation on first day of Prime Minister Narendra Modi's visit, with government announcing that Indian Petronet will invest $ 2.5 billion in Houston's LNG export of LNG Driftwood in exchange for the rights to 5 million metric tonnes of LNG per annum over 40 years.
The deal will increase energy imports to India from the US and help reduce trade deficits, which US President Donald Trump has often complained about in the past.
Modi's first commitment to Houston was a roundtable of a CEO with oil majors. MEA spokesman Raveesh Kumar said that the roundtable was attended by CEOs of 17 global energy companies. According to him, the total net worth of these companies was $ 1
trillion and together they had a presence in 150 countries. "… The purpose of the meeting was to deepen our energy cooperation as part of our strategic energy partnership," Kumar said.
Cover Full Cover: Howdy Modi Premiere in Houston
"CEOs talked about boosting their footprint in India. They praised the government's efforts to facilitate business, … deregulation in the sector, supported reforms and policies and were optimistic about the Indian economy. "" He added
"It is an honor for you to sign an MP 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," said Tellurian President and CEO Meg Gentel.
Petronet will spend $ 2.5 billion on an 18% stake in Driftwood LNG – the largest external holding to date in the project – and will arrange for the purchase of 5 million tonnes of gas annually, Gentel said.

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