Tellurian drops Driftwood LNG equity ownership requirement (NYSE:TELL) - Seeking Alpha
Tellurian drops Driftwood LNG equity ownership requirement (NYSE:TELL) | Seeking Alpha
Tellurian drops Driftwood LNG equity ownership requirement
Tellurian Inc. (TELL) By:
Carl Surran, SA News Editor
12 Comments Sky_Blue/iStock via Getty Images
Tellurian (NYSE: TELL) Chairman Charif Souki said the company would sell liquefied natural gas supplies to non-equity holders in an effort to spark development of its long-delayed Driftwood LNG project, Reuters reported Friday.
Tellurian ( TELL) aims to offer as much as 11M of its 27.6M metric tons/year production under offtake agreements to get Driftwood LNG across the finish line, Souki said.
The move is a policy departure from last year, when Tellurian ( TELL) canceled an agreement to supply 3M tons/year to commodities trader Vitol after deciding to focus on selling equity stakes in the project to potential customers.
"Our teams are now re-offering, in addition to what we have offered in the past, a standard offtake agreement at a price that supports the financing," Souki reportedly said in a video update of the project.
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