Wednesday, Sep 23, 2020
International Finance
Oil & Gas

Total-Adani Gas joint venture seeks licence for fuel retail

Total _IF_Image
Total had acquired 37.4 percent stake in Adani Gas last year

The joint venture established by Total and Adani Gas will soon apply for a licence under the new liberal fuel retailing rules. The French giant had acquired a 37.4 percent stake in Adani Gas last year to establish its presence in the Indian oil and gas industry. This marks the French energy major’s largest investment in the Indian oil and gas industry. 

Adani Gas  former chief executive officer, Suresh Manglani, told the media, “Definitely we will take full benefit of the expertise and strength of Total.” 

Adani Gas is the country’s major player in the oil and gas distribution segment. It also plans to sell liquefied natural gas for transportation. More recently, the company had reported a 42 percent year-on-year decline in its net profit for the second quarter of the year. 

RIL chairman Mukesh Ambani, said in a statement, “We will replace transportation fuels with clean electricity and hydrogen.” India has become a lucrative market for oil and gas and the government has now relaxed rules establishing fuel stations in the country, media reports said. 

It is reported that fuel demand is expected to increase in the coming years as the current government is pushing the country to the forefront.

 

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