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Explained: What is Total SA, the French first buying stock in Adani Gas

Total is one of the world’s major producers of oil and gas, engaging in fuels, natural gas, and low-carbon electricity. According to its website, it employs over 1 lakh people in 130 countries.

Adani gas Total SA deal, Adani gas, Total SA, petrochemicals, Gas and petroleum, Gautam Adani, Business, Companies, Indian Express Total has made major acquisitions around the world this year, buying stakes in LNG projects in the US in June (from Toshiba), and in Mozambique in September (from Anadarko). (File)

Adani Gas, which is part of the infrastructure conglomerate Adani Group, will have 37.4 per cent of its stake, valued at Rs 4,147 crore, acquired by French energy giant Total SA.

A press release by Total on Monday quoted company Chairman and CEO Patrick Pouyanné as saying, “The natural gas market in India will have strong growth and is an attractive outlet for the world’s second-largest LNG player that Total has become. Adani will bring its knowledge of the local market and its expertise in the infrastructure and energy sectors. This partnership with Adani is the cornerstone to our development strategy in this country.”

Total has made major acquisitions around the world this year, buying stakes in LNG projects in the US in June (from Toshiba), and in Mozambique in September (from Anadarko).

How big is Total SA?

Total is one of the world’s major producers of oil and gas, engaging in fuels, natural gas, and low-carbon electricity. According to its website, it employs over 1 lakh people in 130 countries.

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Adani gas Total SA deal, Adani gas, Total SA, petrochemicals, Gas and petroleum, Gautam Adani, Business, Companies, Indian Express The group expanded into North and South America after the Second World War and started the petrol brand ‘Total’ in Africa in 1954.

Located at Courbevoie in France, Total’s activities include exploration, refining, transport, and marketing of petroleum and allied products. The company has also interests in non-conventional energy sources including solar, biomass, and nuclear energy.

The company began in 1924 as the Compagnie Française des Pétroles (CFP) after it was initiated by the French government. It started its first refinery in Normandy in northern France in 1933 and was involved in oil exploration in the Middle East. It also tapped oil resources in French colonies, such as Algeria.

The group expanded into North and South America after the Second World War and started the petrol brand ‘Total’ in Africa in 1954. The company first changed its name to Total CFP in 1985, and then to Total in 1991, when it became a public company listed on the NYSE. The French government subsequently reduced its stake in the company from 30 per cent to less than 1 per cent in five years after 1991. Total’s projects are scattered around the world, including in volatile markets such as Iran and Qatar.

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In recent years, Total has been expanding its portfolio beyond its traditional business by investing in clean energy projects.

First published on: 14-10-2019 at 22:08 IST
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