French major Total signed an agreement with India’s Adani Group to jointly develop energy business in the Indian market, including liquefied natural gas (LNG).
The agreement confirms recent media reports that Total has engaged in talks with Indian companies to secure a stake in LNG import terminals.
Under the partnership, Total and Adani Group plan on serving the growing gas demand of the Indian market.
“The companies will jointly develop various regasification LNG terminals, including Dhamra LNG, on the East coast of India,” the statement reads.
The two companies will create a joint venture with an objective to build a retail network of 1,500 service stations over the period of 10 years, on 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 middle class, which has been open to private investors since 2014.