Published on October 19, 2018
France's Total has signed an agreement with India's Adani Group, that will see them jointly develop a fuel retail network and various LNG regasification terminals in India.
Total and Adani will set up a joint venture to build a retail network of 1,500 service stations over a period of 10 years. The retail outlets will offer Indian customers Total's full range of fuels and lubricants, the companies said in a joint statement Wednesday.
The outlets will be set up on the main roads, such as highways and intercity connections to take advantage of a market growing at 4% annually, driven by the development of road infrastructures and the emergence of the middle class. India has opened road infrastructure to private investors since 2014.
Total and Adani will also jointly develop various LNG regasification terminals, including Dhamra LNG, on the east coast of India under the agreement.
"India's energy consumption will grow among the fastest of all major economies in the world over the next decade," Total's chairman and CEO Patrick Pouyanne said in the statement.
He said the tie-up illustrates both the companies' joint commitment to assisting India to diversify its energy mix and to ensure a supply of reliable, affordable and clean energy to consumers.
The announcement came after Pouyanne said Tuesday at the India Energy Forum that his company was in talks with several parties to buy a stake in an LNG terminal in India