Tellurian Inc. executive chairman Charif Souki has sold almost 25 million shares in his company. (Source: Shutterstock)
Tellurian Inc. executive chairman Charif Souki has shed almost 25 million shares in his company, which owns the Driftwood LNG LLC project, as concerns mount about the project’s future amid a search for $3.5 billion in equity from third parties.
Souki’s shareholding in Tellurian was almost 2 million on March 31, down 92% versus almost 27 million on Feb. 8, according to data from online broker eTrade.
Executives from Tellurian’s media and investor relations teams didn’t respond to emailed requests from Hart Energy seeking details around Souki’s share divestments.
Important SEC Disclosures
According to Securities and Exchange Commission (SEC) documents, the reporting person (Souki) previously pledged 25,000,000 shares of common stock of Tellurian as part of a collateral package to secure a loan for certain real estate investments.
The loan agreement, dated April 27, 2017, was entered into by Souki, as borrower, Wilmington Trust, National Association, as administrative agent, and various lenders (the "loan agreement"), according to the SEC.
On Feb. 7, pursuant to the Loan agreement and other loan documents, Wilmington exercised its right as administrative agent to become a substituted shareholder and caused the pledged shares to be transferred into its account.
Driftwood LNG
Driftwood LNG is a two-phase development located on the west bank of the Calcasieu River, south of Lake Charles, Louisiana. Phase I is a two-plant development to provide 11 million tonnes per annum (mtpa) by early 2026 ,while Phase II is a three-plant development to provide another 16.6 mtpa.
RELATED
Exclusive: Tellurian’s Souki Says Partners—Not Off-takers—are the Issue
Tellurian’s Driftwood LNG Saga Continues
Driftwood and other U.S.-based liquefaction projects under construction aim to boost U.S. LNG exports to global markets impacted by lower energy exports from Russia after its invasion of Ukraine in early 2022.
Construction work related to Phase I continues to move forward with up to 250 people on site, Tellurian executive vice president and Driftwood Assets president Samik Mukherjee said in an April 5 video on the company’s website.
Recommended Reading
Exclusive: CCUS Industry Poised for Standardization, Cost Reduction
2024-10-22 - Worley’s Senior Director of CCUS Gary LeMaire shares insights into the “significant” role of carbon capture, utilization and storage in reaching net zero demands and regulatory uncertainties with CCUS technologies.
Despite Progress, Hydrogen Faces ‘Sobering Realities’
2024-09-18 - A $335 billion investment gap may put 2030 targets toward net-zero ambitions in jeopardy.
Johnson Matthey: Syngas Offers Path to Low-carbon Fuels, Hydrogen
2024-09-27 - With syngas, chemical makers like Johnson Matthey have hit a sweet spot in producing no- and low-carbon ammonia, hydrogen or sustainable aviation fuel.
Valuable Waste: Synata Bio’s Microbes Convert Waste CO2 Into Ethanol
2024-11-21 - Synata Bio, an early-stage biotech company, said this week it landed a grant from China for its commercial-scale waste carbon-to-ethanol facility.
New Revenue Stream Opens Up With Natural Gas Decarbonization
2024-10-02 - Could a lower carbon revenue stream, focused on hydrogen and solid carbon, open up for natural gas players?
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.