French multinational integrated oil and gas company Total S A has partnered with Gautam Adani-led Adani Group to supply and market natural gas in India, Total said in a statement. The net acquisition cost of the deal stands at around $600 million for Total over 2019-20 and the two partners will invest in $1 billion in creating gas infrastructure.
“As part of its strategy to develop new gas markets, Total, the world’s second-largest LNG player, expands its partnership with the Adani Group; the largest energy and infrastructure conglomerate in India, to contribute to the development of the Indian natural gas market,” the company said.
The equal partnership between Adani and Total includes several assets across the gas value chain including two imports and regasification LNG terminals — Dhamra in East India and potentially Mundra in the West, as well as Adani Gas Limited. Read more
Latest posts by ET Energy World (see all)
- Mangaluru: Padupanamboor panchayat building runs on solar power - November 16, 2019
- Air pollution: Delhi air unbreathable, may worsen today - November 16, 2019
- Fuel rations, price hike hit Iranians amid plunging economy - November 16, 2019