HOUSTON--(BUSINESS WIRE)--Tellurian Inc. (Tellurian) (NASDAQ: TELL) announced today that the Board of Directors has named Charif Souki Executive Chairman of Tellurian. Souki has been Tellurian’s non-executive Chairman since founding the company in February 2016.
President and CEO Meg Gentle said, “Demand for liquefied natural gas (LNG) grew 13% last year and continues to grow at a pace that will outstrip capacity growth unless we act now and get facilities built. While COVID-19 has slowed the market this year, the market is rebalancing quickly and the underlying fundamentals that support long-term investment in LNG are strengthening. We are fortunate to have the benefit of our founders’ marketing expertise and relationships as we commercialize and finance Driftwood LNG.”
Executive Chairman Charif Souki added, “As the world recovers, there is an urgent need to make up for lost time. I am re-engaging to provide additional support to Tellurian, a company I co-founded with Martin Houston, using personal and friends and family funds. I am 100% committed to Tellurian’s success and will be working alongside our President and CEO Meg Gentle, COO Keith Teague, and the most experienced LNG team in the industry to get our first-class project, Driftwood LNG, constructed.”
Driftwood LNG is a proposed 27.6 million tonnes per annum (mtpa) liquefaction export facility that will be located near Lake Charles, Louisiana on the U.S. Gulf Coast. The project is ready for construction, having received necessary permits and with 30% of engineering with Bechtel completed.
About Tellurian Inc.
Tellurian intends to create value for shareholders by building a low-cost, global natural gas business, profitably delivering natural gas to customers worldwide. Tellurian is developing a portfolio of natural gas production, LNG trading, and infrastructure that includes an ~ 27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in Houston, Texas, and its common stock is listed on the Nasdaq Capital Market under the symbol “TELL”.
For more information, please visit www.tellurianinc.com. Follow us on Twitter at twitter.com/TellurianLNG
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “assume,” “believe,” “budget,” “estimate,” “expect,” “forecast,” “initial,” “intend,” “may,” “plan,” “potential,” “project,” “proposed,” “should,” “will,” “would,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements herein relate to, among other things, the capacity, timing, and other aspects of the Driftwood project and future market conditions. These statements involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include the matters discussed in Item 1A of Part I of the Annual Report on Form 10-K of Tellurian for the fiscal year ended December 31, 2019, and other Tellurian filings with the Securities and Exchange Commission, all of which are incorporated by reference herein. The forward-looking statements in this press release speak as of the date of this release. Although Tellurian may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so except as required by securities laws.