French Energy Major Total To Buy 37% Stake In Adani Gas

INSUBCONTINENT EXCLUSIVE:
energy
Total is the third foreign oil major to enter India's gas sector after BP Plc and Shell, and it comes at a time when India is spending
heavily to cut its carbon emissions.Prime Minister Narendra Modi has set a target to more than double the share of gas in the country's
from the Adani family at an undisclosed price, according to stock exchange filings.After the deal, the Adani family and Total will each hold
strong growth and is an attractive outlet for the world's second-largest LNG player that Total has become," Total Chairman and CEO Patrick
Pouyanne; said in a statement"Adani will bring its knowledge of the local market and its expertise in the infrastructure and energy
sectorsThis partnership with Adani is cornerstone to our development strategy in this country," added Mr Pouyanne
Total and Adani plan to establish a joint venture to market LNG in India and Bangladesh.Speaking later at a conference in Delhi, Mr
market with Adani
Total was also in discussions with partners including Adani for partnership in renewable energy, he said at the India Energy Forum by CERA
Week.Last month, Total completed the acquisition of Anadarko's 26.5 per cent stake in the Mozambique LNG project for $3.9 billion, while
in June it took over Toshiba's US.Get Breaking news, live coverage, and Latest News from India and around the world on
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