Petronet gains after signing MoU with Tellurian Inc.

Petronet LNG rose 2.96% to Rs 274.75 on BSE after the company signed a non-binding memorandum of understanding with Tellurian Inc.

The announcement was made yesterday, 22 September 2019.

Meanwhile, the S&P BSE Sensex was up 922.30 points or 2.43% to 38,936.92.

On the BSE, 9.65 lakh shares were traded in the counter so far compared with average daily volumes of 83,000 shares in the past two weeks.

The stock hit an intraday high at Rs 302, which is also a 52-week high for the scrip. It hit a low of Rs 270 so far during the day. The stock hit a 52-week low of Rs 203.4 on 11 Dec 2018.

Petronet LNG has signed a non-binding memorandum of understanding (MOU) with Tellurian Inc. on 21 September 2019 at Houston, USA wherein the company and its affiliates will like to explore possibility of purchase of up to 5 Million Tonnes Per Annum (5 MTPA) of liquefied natural gas (LNG) from Driftwood project concurrent with equity investment. The process is subject to due diligence and approval of respective Board of Directors.

Petronet LNG was formed as a Joint Venture by the Government of India to import LNG and set up LNG terminals in the country, involving India's leading oil and natural gas industry players like GAIL (India) (GAIL), Oil & Natural Gas Corporation (ONGC), Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation (BPCL).

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