TotalEnergies hits pause on new Adani deal

TotalEnergies hits pause on new Adani deal

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TotalEnergies (TTE) has not yet signed a contract, announced last year, to extend its partnership with India’s Adani to the production of green hydrogen, the chief executive of the French oil major said Wednesday.

Patrick Pouyanne told reporters the company was waiting for the result of an audit launched by the Indian conglomerate in response to allegations of financial irregularities by Hindenburg Research.

“It was announced, nothing was signed. It doesn’t exist,” Pouyanne said, referring to the new hydrogen venture. “Mr Adani has other things to deal with now, it’s just good sense to pause things while the audit goes forward.”

Pouyanne said TotalEnergies was “not in charge” of the financial health of Adani Group, with which it has a number of joint ventures.

He said the stakes held by TotalEnergies in Adani Total Gas and Adani Green Energy were still worth more than when the…

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