Total and India's multinational conglomerate Adani Group signed an agreement to jointly develop Liquefied Natural Gas (LNG) facilities and offer fuel retail services for the Indian energy market, Total announced Wednesday.
The companies will jointly develop various regasification LNG terminals, including Dhamra LNG, on the east coast of India, according to a statement from the energy giant.
Total and Adani will also create a joint venture to build a retail network of 1,500 service stations over a 10-year period. The network will cover the main roads of the country, such as highways and intercity connections to take advantage of a market growing at 4 percent per year driven by the development of road infrastructures and the emergence of a 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.
Total CEO and Chairman Patrick Pouyanne said the partnership between Total and the private Adani Group illustrated the companies' joint commitment to helping India diversify its energy mix and ensure a supply of reliable, affordable and clean energy to consumers.
"India’s energy consumption will grow among the fastest of all major economies in the world over the next decade," he added. Speaking on the occasion, Adani Group Chairman Gautam Adani said the collaboration would enable them "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," he added.
According to the statement, headquartered in Ahmedabad, India, the Adani Group is one of India's largest integrated infrastructure conglomerates with interests in resources, logistics, energy, agro, real estate, public transport infrastructure, finance and defense.
The group is active in 50 countries and specializes in commodities trading, port infrastructures and logistics, as well as energy production and distribution.
(Anadolu Agency)
