Tellurian Goals to Double Shares for Driftwood LNG Financing Wants – The Offtake

A roundup of stories and commentary from NGI’s LNG Perception 

• Tellurian Inc. will ask shareholders to double the corporate’s frequent inventory from 800 million to 1.6 billion shares at its annual assembly in June, the corporate mentioned in a regulatory submitting.
• The corporate, which has but to sanction its 27 million metric tons/yr Driftwood LNG export terminal that will be positioned south of Lake Charles, LA, is working to safe financing. Firm officers proceed to keep up that they’re in talks with traders for fairness stakes to assist fund the venture. 
• “The board acknowledges that the issuance of extra shares of Tellurian frequent inventory could adversely have an effect on the pursuits of the holders of Tellurian frequent inventory,” the corporate mentioned an 8-Ok filed with the U.S. Securities and Alternate Fee. “The board believes, nonetheless, that these potential dangers are outweighed by the profit that a rise within the variety of out there shares would supply when it comes to extra financing flexibility.
• Two LNG vessels have been diverted from South Korea amid robust storage provides and a rising glut of the super-chilled gasoline in Asia and Europe. The Extremadura Knutsen and the LNG River Orashi each canceled port calls in South Korea and are headed to the UK and Singapore, respectively, in accordance with Kpler knowledge. 
• Kpler additionally reveals weekly floating storage inventories have elevated yr/yr this month as merchants seek for ports to unload cargoes. They’re at the moment at 0.69 million tons (Mt), in comparison with 0.31 Mt on the identical time final yr. They had been over 1 Mt at the beginning of the month.