French oil major TOTAL SA and private conglomerate Adani Group have signed an agreement to jointly develop the LNG and retail fuel markets in India.
The two companies will develop various regasification LNG terminals, including Dhamra LNG, on the east coast of India. Additionally, they will create a joint venture to build a retail network of 1,500 service stations over a period of 10 years. These new service stations will offer Total's lineup of fuels, lubricants, and a broad range of other products and services.
"India's energy consumption will grow among the fastest of all major economies in the world over the next decade. We are thrilled to build this broad partnership with the Adani Group, benefiting from its in-depth knowledge of the Indian energy market, as well as its access to infrastructures through a significant footprint in several of the country's key ports," Total Chairman and CEO Patrick Pouyanné said.
The Adani Group is active in 50 countries and specialized in commodities trading, port infrastructures and logistics, as well as energy production and distribution.