February 14, 2019 / 12:45 PM / a year ago

India Petronet signs initial deal to invest, buy LNG from Tellurian - source

NEW DELHI, Feb 14 (Reuters) - Indian gas importer Petronet LNG on Thursday signed an initial agreement with Tellurian Inc to invest in its proposed Driftwood project in Louisiana in the United States and buy liquefied natural gas (LNG), a source privy to the matter said.

The pact was sealed during a high level U.S.-India commercial dialogue to advance trade and investment ties.

Amos Hochstein, Senior Vice President in Tellurian Inc, signed the memorandum of understanding with Petronet LNG managing director Prabhat Singh through a video link.

Hochstien was part of the delegation that was meant to accompany U.S. Commerce Secretary Wilbur Ross but the trip was cancelled due to bad weather in the United States.

India is expanding its pipeline network and building new LNG import terminals to boost use of the cleaner fuel in the country.

Prime Minister Narendra Modi has set a target to raise the share of natural gas in India’s overall energy mix to 15 percent in the next few years from about 6.5 percent. (Reporting by Sudarshan Varadhan; Editing by Sanjeev Miglani)

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