Covid disruptions, gas price crash pushes PLL out of $2.5-bn deal with Tellurian
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In what may be a big casualty of Covid-19 related market disruptions, India's Petronet LNG Ltd has shelved it's $2.5 billion investment plan in US LNG developer Tellurian's upcoming Driftwood LNG terminal in Louisiana.
Government sources said that with low spot LNG prices and gas widely available in the market, it would make little sense to sign an agreement committing to pay on sea price of over $ 4.5 per mmBtu for 40 years for the gas.
The delivered price of gas would be even higher. Thus, there was no need to pursue the deal at this juncture they said.
