India’s Petronet plans $2.5B investment in Driftwood


An major investment in a proposed Calcasieu Parish LNG project is expected to strengthen ties between India and the United States.

Petronet LNG will sign a deal to invest $2.5 billion in Louisiana Driftwood LNG export project during President Donald Trump’s visit to New Delhi later this month, sources tell Reuters.

India’s largest gas exporter will invest the money over a five-year period, giving Petronet rights to up to 5 million tonnes a year of LNG, Reuters reports.

Reuters reports the deal is expected to strengthen trade ties between India and the United States as President Trump wants to boost energy supplies to India, the world’s third biggest oil importer, to fix their trade balance.

Reuters has the full story.