Tellurian Inc stock dropped on Thursday after the company said it extended the amount of time India's Petronet LNG Ltd had to finalize an agreement to buy liquefied natural gas from Tellurian's Driftwood plant in Louisiana.
Tellurian announced the extension following a report that Petronet issued a request for information to buy about 1 million tonnes per annum of LNG for 10 years starting from 2024.Shares in Tellurian, which is developing the US$27.5 billion Driftwood project, fell over 16per cent to US$3.675, their lowest since August 2016.
That agreement, worth about US$2.5 billion, was expected to be finalized by March 31. Tellurian said the companies extended the deadline to May 31 to support Petronet's review process. "We plan to complete our financing in the coming months and begin construction on the ... project," Tellurian Chief Executive Meg Gentle said.Analysts at Cowen, however, said,"We continue to see it unlikely the project gets sanctioned until at least 2021."Tellurian was one of about a about dozen firms developing LNG export plants in North America that delayed their planned FID from 2019 to 2020.
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