NEW DELHI: The Adani Group has entered into an agreement with France’s Total for Liquefied Natural Gas (LNG) import terminals and fuel retail network. Total, the world’s second largest LNG player, and Adani will create a joint venture to build a retail network of 1,500 service stations over a period of 10 years, the two firms said on Wednesday.
The companies said that the move is to tap the domestic fuel market that is growing at a pace of 4 per cent per year, driven by the development of road infrastructure and rise in middle-class income. These new service stations will offer Total’s full line-up of fuels, lubricants, and a broad range of other products and services to Indian customers.
The partnership has set a target of developing various regasification terminals, including Dhamra LNG, on the East Coast of India. Adani is building a 5 million tonne LNG import terminal at Dhamra in Odisha at a cost of Rs 5,100 crore.
Adani Group chairman Gautam Adani said, “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 people of India.”
“India’s energy consumption will grow the fastest among all major economies in the world over the next decade. The partnership between Total and the 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,” said Patrick Pouyanné, chairman and CEO, Total.