Adani and Total Join Forces to become a major integrated downstream player in the Indian Energy Market
Deepthi | Myequity news | Date : 17-10-2018 10:30:00 IST
Adani and Total have signed an agreement to jointly develop multi-energy offerings to the Indian energy market. The diversified portfolio includes Liquefied Natural Gas (LNG) and Fuel Retail.
The strategic partnership will serve the fast growing gas demand of the Indian market by 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. JV aims to build a retail network of 1,500 service stations over the 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 year driven by the development of road infrastructures and the emergence of middle class, which has been open to private investors since 2014. 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. Patrick Pouyanné, Chairman and CEO, Total
Speaking on the occasion, Adani Group Chairman, Mr. Gautam Adani, said, “I am delighted to partner with Total, one of the biggest energy companies in the world. 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. We are looking forward to this opportunity to touch millions of lives by leveraging our collective footprints and domain expertise in the energy sector. It also enables the Adani Group to be part of the country’s vision in adopting cleaner energy.”
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. We are thrilled to build this broad partnership with the Adani Group, benefitting from its in-depth knowledge of the Indian infrastructure and energy market, as well as its access to infrastructures through a significant footprint in several of the country’s key ports.”
About Adani Group:
Headquartered in Ahmedabad, India, Adani Group is one of India’s largest integrated infrastructure conglomerates with interests in Resources (coal mining and trading), Logistics (ports, logistics, shipping and rail), Energy (renewable and thermal power generation, transmission and distribution), and Agro (commodities, edible oil, food products, cold storage and grain silos), Real Estate, Public Transport Infrastructure, Consumer Finance and Defence. About Total:
Total is a global integrated energy producer and provider, a leading international oil and gas company, a major player in low-energies.