Total SA in talks to buy 50% stake in Adani's LNG, city gas projects

15/10/2018 08:50 LNG

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French energy giant Total SA is in talks to buy up to half of Adani Group's stake in LNG projects in Gujarat and Odisha, an under-construction LPG import facility and in its city gas projects, sources privy to the development said.

The French firm is keen on investing in fast growing gas market in India and finds Adani a suitable vehicle as it owns the crucial downstream infrastructure, they said.

 

Adani holds 25 per cent stake in just-completed 5 million tonnes a year liquefied natural gas (LNG) import terminal at Mundra. It is also building a similar capacity LNG import terminal at Dhamra in Odisha at a cost of Rs 51 billion.

 

It is also looking at buying a 50 per cent stake in under-construction LPG import terminal that Adani is building at Mundra in Gujarat as well as a stake in Adani's flourishing city gas distribution projects, the sources said, adding that a preliminary pact may be signed this week during the visit of Total CEO Patrick Pouyanne to India.

 

India is looking at more than doubling the share of natural gas in its energy basket to 15 per cent in next few years and is giving major push to city gas distribution projects. It imports half of its gas needs, which are projected to rise exponentially as it shifts from polluting liquid fuels to environment friendly natural gas.

 

While the Mundra LNG terminal has Gujarat State Petroleum Corp (GSPC) as the lead partner, Adani is building a new LPG import facility at the same port with a total capacity to 3.56 million tonnes per annum. The LPG terminal is to be completed by next month.

Source: business-standard.com

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