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Bloomberg
Two pioneers of the US natural gas export industry were forced to sell shares of the company they founded amid a global market rout and concern that a key supply deal won’t be finalised.
Tellurian Inc Chairman Charif Souki and Vice Chairman Martin Houston sold 4 million and 3.4 million shares respectively, according to filings. In both cases, the transactions were forced by a lender to satisfy loan requirements, the filings show.
Shares of the company, which is trying to develop a $28 billion liquefied natural gas terminal in Louisiana, plunged by more than half to close at $1.80.
India’s Petronet LNG, a potential major customer that Tellurian has courted, announced it would seek competing offers. The move highlights the mounting pressure on sellers amid a worldwide glut, and adds to doubts that Tellurian will be able to secure a sizable anchor investment from Petronet for its Driftwood LNG project.
The coronavirus outbreak, meanwhile, sent global markets spiraling lower, adding to Tellurian’s woes.