Tellurian shares surge on Gunvor supply deal

Shares of US LNG export project developer Tellurian soared after the firm revealed a supply deal with trader Gunvor.

Tellurian shares rose around 23% on Thursday to $3.89, the highest since February.

Under the 10-year sales and purchase agreement, Tellurian would supply three million tonnes per annum on a free on board (FOB) basis from its Driftwood project to Gunvor Singapore.

Tellurian said the deal represents the equivalent of about $12 billion in revenue over the 10-year term at current market prices.

In addition, the deal comes just two weeks after co-founder and executive chairman Charif Souki said Tellurian would finalize several commercial agreements for its planned 27.6 mtpa Driftwood project.

If finalized, the capacity would be sufficient for the project’s first phase with a capacity of 16.6 mtpa.

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