PARIS/NEW DELHI: Adani and Total, the leading international oil and gas company, have signed an agreement to jointly develop multi-energy offerings to the Indian energy market, according to a company release.
The diversified portfolio includes Liquefied Natural Gas (LNG) and fuel retail. This strategic partnership between Total and Adani Group, according to the statement, will help create a major footprint in LNG business.
The statement said that the Total, the world’s second largest LNG private player, and Adani, the largest infrastructure conglomerate in India, will serve the fast growing gas demand of the Indian market, adding that the partnership has set a target of developing various regasification terminals including Dhamra LNG, on the East coast of India.
“Most essentially, it would be a big stride towards India’s vision of achieving a healthier energy mix through promotion of LNG,” it added.
A retail network of 1,500 service stations
Total and Adani will create a joint venture with an objective to build a retail network of 1,500 service stations over a period of 10 years, on the main roads of the country, such as highways and intercity connections to take advantage of a market growing at 4 per cent per year driven by the development of road infrastructures and the emergence of middle class, which has been open to private investors since 2014, the statement added.
These new service stations, in line with international standards, will offer Indian customers Total’s full lineup of fuels, lubricants, as well as a broad range of other products and services.
Adani Group Chairman, Gautam Adani (seen in the picture), said, “The collaboration enables us to associate with Total’s century-old legacy, global presence, scale and unparalleled go-to-market expertise. The global synergy between the two groups presents widespread benefits and long-term value for the economy and the people of India.”
Patrick Pouyanné, chairman and CEO, Total, said India’s energy consumption will grow among the fastest of all major economies in the world over the next decade.
“The partnership between Total and the private Adani Group illustrates our joint commitment to assisting India to diversify its energy mix and to ensure a supply of reliable, affordable and clean energy to consumers,” he added.