Natural-gas pioneer Charif Souki played a starring role in transforming America into an energy powerhouse, but his second attempt at exporting natural gas is foundering
After six years and $1 billion invested, the project remains stalled, while newer competitors have taken off, denting Mr. Souki’s reputation as an industry visionary and testing the limits of global appetite for locking in long-term investments in LNG.and is a ubiquitous presence at global energy summits, evangelizing the benefits of U.S. natural gas. After Russia’s invasion of Ukraine, Tellurian was one of a dozen U.S.
Mr. Souki, who is Tellurian’s executive chairman, said that “nothing has changed” and that he was confident Tellurian would see its export project through. Still, he said, the company isn’t ruling out any options, including a sale. “[If] somebody is really interested in this, they know my phone number,” he said.
To ensure access to cheap gas, Tellurian said it would become an integrated company that produces gas, transports it to an export plant, liquefies it and sells it to offtakers. Achieving this would require billions of dollars more in investments than a traditional export project, analysts said.Michael Starghill, Jr. for The Wall Street Journal
But the loans failed to materialize and Tellurian’s plans quickly unraveled. In mid-September, Entami Corp., a family office invested in Tellurian, sent a letter to the board criticizing the company’s management and calling for a sale of Tellurian. A few days later, Tellurian withdrew a public offering for debt after its 11.25% yield failed to attract investors. It received a notice of termination from Shell for two supply deals and terminated its agreement with Vitol.
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