Charif Souki steps down as chairman of Tellurian

US LNG firm Tellurian, the developer of the Driftwood LNG export project in Louisiana, said on Friday that its co-founder and chairman, Charif Souki, will no longer serve as an executive or officer of the company or hold any managerial responsibilities.

Tellurian’s board of directors has named Martin Houston, co-founder and vice chairman, to be the company’s chairman.

The company said that Souki remains a member of the board of directors.

“These changes are not the result of any material or unexpected financial events,” Tellurian said.

Tellurian said in a separate SEC filing that it provided notice of termination “without cause” effective as of December 8, 2023 and “may be required to pay Souki certain severance if Souki executes a separation agreement and general release, which would include his resignation from Tellurian’s board.”

“Souki ceased to have apparent or actual authority to act for or on behalf of the company, including, without limitation, apparent or actual authority to act as an officer, authorized representative or authorized spokesperson of the company, was removed from all offices and directorships of all company entities, other than as a director of Tellurian, and was removed as chairman of the board,” Tellurian said.

The Driftwood LNG developer did not provide any additional information.

Driftwood LNG

Tellurian reported a net loss of about $65.4 million, or $0.12 per share, for the third quarter, compared to a net loss of about $14.2 million last year.

The company recently requested more time from the US FERC to complete the construction of its Driftwood LNG project.

Tellurian issued a limited notice to proceed to compatriot engineering and construction giant Bechtel in March last year and Bechtel has driven more than 11,800 piles at the site.

Under the first phase, Tellurian aims to build two LNG plants near Lake Charles with an export capacity of up to 11 mtpa.

However, the company is still working to secure financing for the project.

Tellurian previously said it expects the first phase to cost about $14.5 billion with about $6 billion equity investment.

- Advertisements -

Most Popular

Venture Global seeks more time to complete Calcasieu Pass LNG terminal

US LNG exporter Venture Global LNG has requested more time from the US FERC to complete the commissioning of...

First Gen seeks new LNG cargo for Batangas FSRU terminal

Power producer First Gen is seeking one spot LNG cargo for its FSRU-based import terminal in Batangas, Philippines. The firm...

Equinor seals 15-year LNG supply deal with India’s Deepak Fertilisers

Norway's Equinor and India's Deepak Fertilisers have signed a 15-year deal for supplies of liquefied natural gas (LNG) with...

More News Like This

Tellurian secures more time to complete Driftwood LNG terminal

US LNG terminal developer Tellurian has secured more time from the US FERC to complete the construction of its...

Tellurian looking to sell its upstream assets

US LNG terminal developer Tellurian is exploring the sale of its Haynesville upstream assets as it works on securing...

Houston says Driftwood LNG SPA and equity talks ‘moving well’

Tellurian's commercial activities are "moving well and at pace" as the company continues to work with Bechtel on the...

Tellurian provides update on Driftwood LNG construction

US LNG terminal developer Tellurian released the latest construction update for its Driftwood LNG terminal in Louisiana, while it...