Petronet's investment venture in US will create 50,000 jobs: PM Modi

Last Updated: Wed, Sep 25, 2019 15:51 hrs
Narendra Modi (ANI photo)

New York [India]: Prime Minister Narendra Modi on Tuesday (local time) outlined that the recent trade deal inked between India's Petronet and the United States-based Tellurian Inc., during the Houston leg of his US visit, will lead to the creation of 50 thousand jobs in years to come.

Tellurian and Petronet signed a Memorandum of Understanding (MoU) for up to five million tonnes of liquefied natural gas (LNG) through equity investment in Driftwood.

Highlighting the key features of the project, the Prime Minister said, "I'm very happy that the day before yesterday, in Houston, in my presence there was an agreement signed by the Indian company, Petronet, for an amount of $2.5 billion, which is the amount of investment that the Indian company is going to do in the energy sector. And this will mean that in the years to come, in the decades to come, this will result in trade of an amount of $60 billion and create 50,000 jobs, which I think is a very big initiative taken by India."

The MoU was signed on the sidelines of Modi's meeting with CEO's of the energy sector in Houston city.

The two companies have signed the MoU wherein Petronet and its affiliates intend to negotiate the purchase of up to five million tonnes per annum (5mpta) of LNG from Driftwood, concurrent with its equity investment, which remains subject to further due diligence and approval of its board of directors.

Tellurian and Petronet will aim to finalise the transaction agreements by March 31 next year.

The Prime Minister met US President Donald Trump on Tuesday in New York and called him a "good friend of India".

Speaking to reporters during a bilateral with Trump on the sidelines of UN General Assembly meeting, Modi said, "Trump is definitely my friend and a very good friend of India. Relations between India and the United States are proceeding at a good and fast pace".

Emphasing over the continued engagements between India and the United States, Prime Minister Modi also termed it a good sign for the democratic world. He said that close ties and the friendship between India and the US are based on values and will continue to strengthen in times to come.

Meanwhile, President Trump likened the Indian Prime Minister to Rock 'N' Roll legend Elvis Presley and also called him the "Father of India".

Trump also said that he believes Prime Minister Modi and his Pakistani counterpart Imran Khan would "get along" and work out a peaceful solution to the recent disputes between New Delhi and Islamabad.

"I had a meeting with President Khan. It was a long meeting. We discussed a lot. I think he'd like to see something happen that would be peaceful. That will happen ultimately. I really believe that these two gentlemen would get together and work something," Trump said.

"If there's a problem, he (Modi) will take care of it. It would be great if they could work out something on Kashmir. We all want to see that. I'm sure we all want to see it.

"I really believe that Prime Minister Modi and Prime Minister Imran Khan would get along, get to know each other. I think a lot of good things will come from that meeting," he added.

The statement shortly after Trump reiterated his offer to mediate between India and Pakistan while making it clear that he would do so only if both the countries agreed to the mediation.

Tensions between India and Pakistan have soared following New Delhi's decision to abrogate Article 370 of the Constitution which gave special status to Jammu and Kashmir. Pakistan has downgraded its diplomatic ties and suspended bilateral trade with India in the aftermath of the move.

India has maintained that the move on Kashmir is its "internal matter" - a stance that has been supported by many countries around the world, including the SAARC countries.

Trump and Modi had shared the same dais on Sunday to address nearly 50,000 Indian-Americans in Houston. The friendship between Modi and Trump was on full scale as the two leaders walked hand-in-hand across the NRG stadium.