BlackRock buys more Tellurian shares

US-based BlackRock, one of the world’s largest asset managers, has purchased more shares in compatriot LNG export project developer Tellurian.

BlackRock had 13,53 million shares of Tellurian valued at about $31.6 million as of March 31, according to a stock exchange filing.

The giant asset manager previously reported it had 11,66 million shares worth about $14.7 million, marking a rise of 16.4 percent.

To remind, Tellurian recently reported a lower net loss in the first quarter while the firm also paid off all its debt.

Tellurian posted a net loss of about $27 million, compared to a loss of $40.7 million in the January-March period last year.

It ended its first quarter with about $58.7 million of cash and cash equivalents and generated about $8.7 million in revenues from natural gas sales.

The firm is still looking to secure deals for its 27.6 mtpa Driftwood development as it aims to take a final investment decision on the project.

France’s Total is currently the only company that made a firm commitment to support the project with a $500 million investment.

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