Gautam Adani-led Adani Group will enter the petroleum retail business with French energy major Total SA. The two have signed an agreement to invest in downstream. This will include a foray into retail, with the duo opening 1,500 outlets to supply compressed natural gas (CNG) and develop various liquefied natural gas (LNG) projects.
Both the companies have set a target of developing re-gasification terminals, including one at Dhamra LNG. “It will be a big stride towards India’s vision of achieving a healthier energy mix through promotion of LNG,” the companies said in a joint statement on Wednesday.
Total and Adani will also create a joint venture with the objective of building a retail network over 10 years. These retail outlets will be on highways and intercity connections to supply CNG for vehicles. Read more
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