French company TotalEnergies said on Monday that it has made its first delivery of a liquefied natural gas (LNG) cargo Dhamra LNG terminal, which is owned and operated by Adani Total Private Limited (ATPL).
TotalEnergies is a French multinational energy company that functions in over 130 nations worldwide. The company was founded in 1924 and has since evolved to become one of the largest integrated energy companies in the globe. TotalEnergies is involved in all aspects of the energy industry, including exploration, production, refining, marketing, and trading of oil and gas. In recent years, the company has also expanded its focus to include renewable energy and low-carbon solutions, such as solar energy, biofuels, and electric vehicle charging.
TotalEnergies is committed to a sustainable energy future and is investing significantly in research and development to find innovative solutions to satisfy the world’s expanding energy requirements while reducing its impact on the environment.
Notably, this year in February, the Fench Energy behemoth suspended a hydrogen project with the Adani conglomerate. At that time, TotalEnergies chief executive Patrick Pouyanne said that a contract to establish a new hydrogen company with Adani “has not been signed and will not be signed“.
TotalEnergies announced in June an agreement to acquire a 25% state in Adani New Industries Limited for the production and commercialization of renewable hydrogen in India.
Pouyanne halted hydrogen projects during a time when the head of the Adani conglomerate Gautam Adani was embroiled in a controversy after a US-based short-seller Hindenburg Research released an incendiary report accusing the group of accounting fraud and bolstering its share price.
The company owns a 50% stake in Adani Total Private Limited – a joint venture that provides for oil and gas exploration. It also possesses half of AGEL23 a joint venture with Adani Green Energy Limited (AGEL) for the operation of three gigawatts of solar installations. Separately, retail investors in the country were purchasers in most Adani Group companies as the unprecedented selloff triggered by short-seller Hindenburg Research’s allegations corrected their sky-high valuations.
Individual investors raised their holdings in eight of the 10 companies related to the ports-to-power group in the three months through March. Besides, Life Insurance Corp of India marginally increased holdings in four Adani companies during the March quarter, data showed.
Meanwhile, shares of Adani Total Gas Ltd rose 2.30% on Monday at ₹934.60, as per the NSE data at 1.35 pm. The stock has risen 4.15% in the past month at 37.60 points.
