On Saturday, the 21st of September 2019, US-based natgas company headquartered in Houston, Texas, and New Delhi-based India’s energy group Petronet LNG, which recently had rolled out the nation’s first LNG receiving alongside regasification terminals at Gujarat and Kerala, issued a joint statement saying that the companies had reached a memorandum of understanding (MOU) to develop liquified natgas project in the US state of Louisiana.
Nonetheless, latest announcement to develop a natgas project in Louisiana came forth a day before US President Donald Trump and his Indian counterpart Narendra Modi was expected to meet at a program in Houston, dubbed as “Howdy Modi”, widely contemplated as a welcoming move of United States following years of troubled trade relationship over a stiffer regulation for US-based e-commerce behemoths such as Amazon.com Inc.
and Walmart-Flipkart JV, alongside a higher tariff on made-in-USA medical equipment exports. According to Saturday’s (September 21st) statement, the memorandum of understanding would let India’s Petronet LNG to purchase a volume of up to 5 million tonnes of natgas every year at a negotiated price.
Besides, Houston-based Tellurian and New-Delhi-based Petronet were expected to stamp a final accord by March 31st, 2020, Saturday’s (September 22nd) statement revealed, while sources with knowledge regarding the issue said on condition of anonymity that the US-based Tellurian would be investing a lump-sum of €2.3 billion in exchange of up to 5 million tonnes of LNG per year.