French hydrocarbon major Total is in talks with various companies to pick up stake in liquefied natural gas (LNG) import terminals in India and is also planning to invest in city gas distribution, (CGD) as well fuel retailing, said the company’s chairman and chief executive officer Patrick Pouyanne on Tuesday.
This comes close after Total agreeing to sell its 26 per cent stake in the Hazira LNG regassification terminal in Gujarat to Shell India. Both companies signed a letter of intent regarding this in August.
Total has also signed an agreement to sell 0.5 million tonne (mt) of LNG per year to Shell for the next five years on delivery basis, so that the latter can supply to the Indian market as well as the neighbouring countries.
While speaking at the India Energy Forum by CERAWEEK, Pouyanne said access to the Indian LNG sector is not a problem as there are multiple projects in the pipeline. However, he did not divulge details of projects that the company is eyeing. India already has four LNG terminals and at least 10 more LNG projects are coming up, which will likely take the total capacity of terminals in the country to around 72.5 million tonne per annum (mtpa).
Experts believe that one of the reasons for Total exiting the Hazira project may be its minority shareholding in the project.
As per recent reports, Total is keen to pick up stakes in Adani Group’s two LNG projects and attached CGD projects.—FE