TotalEnergies hits pause on new Adani deal

TotalEnergies (TTE) has not but signed a contract, introduced final yr, to increase its partnership with India’s Adani to the manufacturing of inexperienced hydrogen, the chief govt of the French oil main mentioned Wednesday.

Patrick Pouyanne informed reporters the corporate was ready for the results of an audit launched by the Indian conglomerate in response to allegations of economic irregularities by Hindenburg Research.

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

Pouyanne mentioned TotalEnergies was “not in charge” of the monetary well being of Adani Group, with which it has quite a lot of joint ventures.

He mentioned the stakes held by TotalEnergies in Adani Total Gas and Adani Green Energy had been nonetheless price greater than when the French firm bought them.

“Adani Green is still worth twice as much as we invested, Adani Gas is still worth eight times more. Our accounting is healthy, there was due diligence before and due diligence after,” he mentioned.

He added that Adani had not requested monetary help from TotalEnergies for present tasks.