With this new contract, the MoU will be kept effective unless terminated by either party and shall automatically expire on date of execution of transaction agreements; or 31 May 2020, or any such later date as may be mutually agreed by the parties in writing.

Earlier, the company had signed a non-binding MoU with Tellurian Inc. on 21 September 2019 to purchase up to 5 million tonnes per annum (5 MTPA) of liquefied natural gas (LNG) from Driftwood project concurrent with equity investment.

Petronet LNG was formed as a joint venture by the Government of India to import LNG and set up LNG terminals in the country, involving India's leading oil and natural gas industry players like GAIL (India), ONGC, Indian Oil Corporation (IOCL) and BPCL.

On a year-on-year (YoY) basis, Petronet LNG reported 15.8% rise net profit on an 11.8% decline in net sales in Q3 December 2019 over Q3 December 2018.

Shares of Petronet LNG were down 3.7% at Rs 250.90. Meanwhile, the benchmark Nifty 50 index was down 360.1 points or 3.1% at 11,273.20.