Tellurian (Buy, TP: USD13.70) - Total set to be USD0.9bn invested
Tellurian announced yesterday evening that Total is ready to invest a further USD700m, of which USD500m as an equity partner and USD200m to take part in a potential USD1bn capital raise at Tellurian, which would secure Tellurian 37.5% of the capital needed to move forward with FID for Phase 1 development. This follows the February announcement of India’s largest LNG importer, Petronet, signing an MOU with Tellurian.Tellurian is developing a portfolio of natural gas production, liquefied natural gas (LNG) marketing, and infrastructure assets that includes an LNG terminal facility (the Driftwood terminal), and three related pipelines (the Pipeline Network). The proposed Pipeline Network will consist of three pipelines, the Driftwood pipeline, the Haynesville Global Access Pipeline and the Permian Global Access Pipeline. The Driftwood pipeline interconnect with existing interstate pipelines throughout southwest Louisiana to secure adequate natural gas feedstock for the Driftwood terminal. The Driftwood pipeline will be comprised of pipeline segments and compressor stations.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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